Economy Watch- Rents are going down

Here is a story that reports that rents are going down in our area due to the economic crises. In the 4th quarter for the NYC Metropolitan area the article reports that rents have gone down 3.7% versus year ago. One reader wonders if that means more people will consider moving to Manhattan versus Hoboken since it will be relatively more competitive in price given the tax levies landlords will likely pass on to their tenants due to Hoboken's Fiscal Crisis. Just what Hoboken needs:

http://finance.yahoo.com/real-estate/article/106480/Rents-Drop-Nationwide-as-Vacancies-Spike

Another article covers the same thing from a more in depth Real Estate perspective:

http://njrereport.com/index.php/2009/01/23/weekend-open-discussion-148/ ◦

Economy Watch- Rents are going down