Apr
08

Manhattan Residential Rental Market Overview Q1 2010

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Our Q1 Manhattan Rental Market Overview which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • Average rental price was $3,812, down 8% from $4,142 in the prior year quarter, but up 0.6% from $3,789 in the prior quarter.
  • Listing inventory fell 30.8% to 5,204 units in the first quarter from 7,522 in the prior year quarter, but was essentially unchanged from the 5,225 units in the prior quarter.
  • Lease renewals and rising rental activity has kept inventory stable year to date.
  • There were 2,663 new rentals, up 16.3% from 2,290 in the same period last year and up 8.4% from 2,456 rentals in the prior quarter.
  • The average rental listing took 86 days to lease, one day longer than the 87 days seen in the in same period last year, but was 10 days slower than the 76 days on market in the fourth quarter of 2009.

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