Jul
08

Manhattan Residential Rental Market Report Second Quarter 2010

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Our Q2 Manhattan Rental Market Overview which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

  • The average rental price of a Manhattan apartment fell 3.3% to $3,710 per month from $3,839 in the same period last year. This was caused by the drop in the average size of a rental this quarter.
  • Rental price per square foot increased 12.3% to $49.60 from $44.16 over the same period due to the higher price per square foot skew seen in smaller apartments.
  • There were 5,659 rentals in the second quarter, more than double the level of activity during the same period last year. As a result of the surge in rental activity, listing inventory fell 31.8% to 4,972 units from 7,290 units over the same period.
  • Days on market fell by one month to 53 days in the second quarter from 83 days in the prior year quarter as the higher level of rental activity and declining inventory reduced the marketing time of rental apartments.
  • The discount between original list price and contract list price fell to 1.8% the lowest since the “Lehman tipping point” in 2008 as listing inventory fell sharply and landlords began to reduce their reliance on concessions.

Categories : Market Reports

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