Oct
07

Manhattan Residential Rental Market Report 3rd Quarter 2010

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Our Q3 Manhattan Rental Market Overview which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

  • Median rental price was $3,000 in the third quarter, 1.7% higher than $2,950 in the prior year quarter and unchanged from the prior quarter.
  • Median rental price growth over the prior year quarter occurred in the studio and 1-bedroom markets with a 9.8% increase and 1.9% respectively.
  • The number of new rentals surged as landlords offered limited concessions for lease renewals. Rental listing inventory fell 28.1% to 4,693 apartments from 6,527 listings in the same period last year.
  • The listing discount—the percentage difference between original rental listing price to contract rental price—fell to 1.7%, its lowest level since the third quarter of 2006.
  • Days on market fell to 38 days in the third quarter, less than half the 77 days of the prior year quarter.

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