A Renters' market

America's housing crisis is finally hitting New York City's real-estate market - and that is great news for renters.

(NY Post) -- Wall Street layoffs combined with a glut of new buildings coming on line are finally giving Big Apple renters the upper hand over landlords and brokers, real estate analysts tell The Post. Although the summer is generally the start of a cyclical rental boom - thanks to increased demand spurred by a host of college graduates moving to the city - fewer new jobs for young grads are to be had because of the poor economy, and job losses in the financial sector are contributing to a modest yet growing slowdown, said Adjina Dekidjiev, rental operations manager for Manhattan Apartments, Inc.

Some real estate pros point to 8 percent to 10 percent declines in rent - and say steeper discounts could be on the way through the summer.

Dekidjiev said the best deals are located the farthest far from the subway lines, like the large studio in an elevator building on York Avenue in the 70s for $1,500 or the two-bedroom in Fort George, in the West 170s, for $1,500.

"It's a healthier environment," said Gary L. Malin, president of Citi Habitats. "Renters have time to look and compare. Rents haven't dropped precipitously, though there have been some adjustments here and there."

The Upper East Side near the river now offers some of the best deals in Manhattan, real estate pros said, as does the Wall Street area.

Healthy bargains can also be found in some of the brand-new luxury buildings in the Financial District and the far West Side, from 9th and 10th Avenues in the 40s to the 60s.

They contain over-the-top amenities - like sparkling new chef kitchens - but are coming down in price because they were conceived when a bloated Wall Street was still driving the bubble.