Oct
13

Manhattan Residential Rental Market Report Third Quarter 2011

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Today we released Third Quarter report for the Manhattan residential rental market.  Manhattan Residential Rentals Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • Median rent with concessions (net effective monthly median rent), increased 4.9% to $2,970 from $2,831 in the prior year quarter.
  • The number of listings on the market slipped 1.9% to 4,605 in the third quarter from 4,693 in the prior year quarter. Number of new rentals declined 6.9% to 7.998 from 8,593 over the same period last year, as more tenants likely opted for renewals.
  • Approximately 8.6% of new leases had some form of landlord concession, compared to 45% in the prior year quarter.
  • Of the leases with concessions, the average amount was the equivalent of 1.2 months.
  • Days on market—the number of days from original list date to lease signing—was 58 days, nearly 3 weeks slower than the 38 day average of the prior year quarter.
  • The absorption rate for new rentals was 1.7 months, essentially unchanged from 1.6 month in the prior year quarter but down sharply from 7.7 months in the same period two years ago.

 

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