by Calculated Risk on 1/14/2010 09:22:00 PM

From Bloomberg: Manhattan Apartment Rents Drop 9.4% Amid Job Cuts (ht Brian)

Manhattan apartment rents dropped 9.4 percent in the fourth quarter from a year earlier ... according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year.

The effective decline in Manhattan apartment costs was likely greater than either broker reported because the figures don’t reflect concessions such as a free month’s rent ...

Just more on falling rents although it sounds like the inventory in Manhattan is down a little , but overall the vacancy rate is at record levels ...

Last week from Reuters: U.S. apartment vacancy rate hits 30-year high

The Census Bureau will report the overall Q4 vacancy rate on February 2nd, and I expect another new record (above the 11.1% in Q3).