Apr
13

Manhattan Residential Rental Market Report First Quarter 2012

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This week, we released our First Quarter report for the Manhattan Residenital Rental Market.  Manhattan Residential Rentals Market Overview Q1 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Landlord concessions continue to be the exception, as rental demand and prices press higher”

  • Median net effective rent was $3,064 for the first quarter, 9.1% higher than $2,808 in the prior year quarter.
  • Rental price per square foot increased to $52.57, reaching its highest level since the third quarter of 2008, just as the credit crunch began.
  • The listing discount, the spread between the original list price and rent, compressed in the first quarter to 2.2% from 2.7% in the prior year quarter. This was consistent with the 14.3% increase in new rental activity over the same period.
  • Use of landlord concessions fell to 11.1% within all new rentals from 36.8% over the same period last year.
  • New rentals of studios increased 16.1%, 1-bedrooms increased 13.5%, 2-bedrooms increased 14.5% and 3-bedrooms increased 20.7%. The 4-bedroom rental market decreased 21.5% over the same period.

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