Apr
07

Manhattan Residential Rental Market Report First Quarter 2011

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 Today we released First Quarter sales  report for the Manhattan residential rental market.  Manhattan Residential Rentals Market Overview Q1 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • In the first quarter of 2011, 36.8% of rental transactions had a landlord concession.
  • The average concession when provided was one full month of free rent.
  • The median rental price of a Manhattan property, after considering concessions,
    if any, was $2,808, 7.4% higher than $2,616 in the prior year quarter.
  • There were 25.6% fewer new rental listings available in the first quarter, falling to
    3,874 from 5,204 in the same period last year. The amount of new rental inventory
    was essentially unchanged from the prior quarter.
  • Days on market—the number of days from original list date to lease signing—was
    40 days, less than half the 86 day average of the prior year quarter.

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