What comes around goes around. Amidst all of the horrible things that our faltering economy has rained down upon us, there is FINALLY a silver lining! For years, New Yorkers have been scrambling to keep up with soaring rent prices…why were rent prices soaring, you ask? Why because of exorbitant Wall Street bonuses! With Wall Street bonuses looking more and more like a thing of the past, rents are plummeting! Well…perhaps plummeting is too strong a word…but down 8% is a nice start! It is the first time in the six years that I’ve lived here that renters are in a position to negotiate lower rents and other bonuses. If you’re thinking of renewing your lease, work with your landlord to lower the price. If your landlord isn’t willing to work it out, there are PLENTY of cheaper options out there. It is an excellent time to move on up into more space and better neighborhoods for lower prices. And it looks like this trend is going to continue for sometime. I’m beginning to wonder what the vacancy rate is. I think it’s been below 3% the entire time I’ve lived here. Sounds like it’s much higher now.