Jan
16

Q4 Manhattan Residential Rental Report

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Recently the industry has reported data on  fourth quarter  rentals for the Manhattan residential market. The Q4 Manhattan Rental Market Overview reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • Average rental price declined 4.3% to $3,789 from $3,958 the same period last year but up 0.8% from $3,759 the prior quarter.
  • Rental price per square foot declined 4.6% to $47.02 per square foot from $49.30 per square foot during the same period last year, and down 1.7% from $47.84 per square foot in the prior quarter.
  • Median rental price declined 9.4% to $2,900 from $3,200 in the same period last year and down 1.7% from $2,950 in the prior quarter.
  • Number of rentals surged 47.5% to 2,456 units from 1,665 units in the prior year quarter.
  • Listing inventory fell 21.3% to 5,225 units from 6,640 units in the prior year quarter.
  • Days on market were 76 days, down from 97 days this time last year.
  • Listing discount was 6.5%, down from 6.9% in the same period last year.

The reports do not account for the incentives (concessions) that tenants are frequently offered in the current market, like months of free rent or waived brokers’ fees. It is worth noting that that if those factors had been taken into consideration, rents could appear considerably lower. Perhaps as high as 10% lower.

Experts remain cautiously optimistic about this year as the unemployment rate, which has a huge impact on the rental market, remains high. ”We are looking for more of the same in the first half of 2010–stable activity and pricing,” Mr. Miller said.

Jonathan Miller’s pod cast discussing the Q4 Manhattan Market Overview can be heard here.

In addition, reporting and analysis of  the Q4 Rental Market Survey were consolidated on the Miller Samuel website and shown below.

01/14/2010 PR Newswire Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Earth Times Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Business Week Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount

01/14/2010 Bloomberg.com Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount

01/14/2010 TheStreet.com Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 The Real Deal Manhattan rental deals up in 4Q: reports

01/14/2010 Yahoo Finance Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

01/14/2010 Fox Business Prudential Douglas Elliman 4th Quarter 2009 Manhattan Rental Market Overview

In addition to the Prudential Douglas Elliman report, some of the above articles refer to the Citi Habitats Q4 Market report.

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