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Dropping rents and increasing vacancies give Manhattan renters upper hand
 
Rents in some Manhattan neighborhoods plummeted nearly 7 percent in November, according to a Manhattan rental market report released today by the Real Estate Group New York, while rental vacancies have skyrocketed in the months since Wall Street's meltdown. Rental vacancies in November increased 7.5 percent from October, and 17 percent from September, the report shows. The 17 percent is "a very large number," said Daniel Baum, COO of the Manhattan-based rental and sales real estate firm Real Estate Group. "It's a lot more inventory than we thought was out there." He said the true figure may be even larger since many landlord don't list all the apartments they have available for rent, preferring to keep the true number of vacancies under wraps to help control asking rents and the pace of  rentals.  To arrive at its figures, the Real Estate Group incorporates data from more than 10,000 listings culled from the company's proprietary database and other listings databases, such as On-Line Residential, also known as OLR.com. While Manhattan rents are still jaw-droppingly high, they are dropping slightly across the board, as demand slackens along with the slowing economy. The average rent for a studio in a doorman building in ... more

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