| Usually, the beginning of the year sees an uptick in | | | | larger, more professionally run NYC apartments have |
| rental rates. There are various boring economic | | | | been adjusting their rents to the new market |
| reasons for this seasonal cycle that are really just too | | | | environment with more dexterity than smaller landlords. |
| dry to get into. Suffice to say, it has nothing to do with | | | | Many of the latter may still be clinging to the past, |
| landlords falling out of their holiday cheer after a month | | | | when New York apartments virtually rented |
| of saying in December "OK guys, you know what, | | | | themselves in the most seller's market in the country. |
| lower rent for everyone, and eggnog drinks on me!" | | | | Another important factor in that dichotomy: The recent |
| That never happens. Landlords don't do that. | | | | spate of condo building in the financial district has left a |
| The point is, though, that that didn't happen this year. | | | | minor surplus in the number of high-end, high rent |
| January rolled around, and average rental rates | | | | condos. Over the past two months, most owners of |
| continued to fall, as the financial markets began laying | | | | those buildings have lowered rents in order to fill their |
| people off (happy new year!) and the national market | | | | larger-than-normal number of vacancies. |
| continued to plummet. | | | | Rental rates for New York apartments fell in a number |
| So, average rental rates for New York apartments in | | | | of neighborhoods. Harlem and Murray Hill saw some of |
| the month of February were on a lot of economists' | | | | the largest decreases. SoHo and Battery Park City |
| minds recently. | | | | were not far behind. Rents in Chelsea and Midtown |
| Thus, it comes as good news to the economy that | | | | West fell slightly. |
| rents were flat in February - or, at least, that type of | | | | The Upper West Side and Upper East Side, |
| "good" news that's good just cause you've gotten so | | | | meanwhile, saw decent increases in average rents. |
| used to bad news that just OK news feels like a | | | | The Lower East Side also saw a small increase in |
| heavenly choir in your head. | | | | prices. |
| While the city could certainly use a good amount of | | | | Nicholas Adams Judge is a freelance writer |
| low rent housing, the lower rental rates are not a good | | | | specializing in business, politics and economics. He holds |
| sign for the economy as a whole. | | | | a B.A. in political science and will begin his PhD studies |
| Basically, the normal cyclical momentum that pushes | | | | in political economy and public opinion next fall. He has |
| rents higher this time of year was just enough to | | | | studied economics and political science at a number of |
| arrest the decline in property values. | | | | different institutions, both here and in the U.K., including |
| Interestingly, rents for apartments in buildings without | | | | Amherst College, Warwick University, Oxford |
| doorman increased slightly, while rents in buildings with | | | | University and the University of |
| doorman decreased. This, perhaps, suggests that | | | | Massachusetts-Amherst. |