Oct
12

Manhattan Residential Rental Market Report Third Quarter 2012

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This week, we released our Second Quarter report for the Manhattan Residential Rental Market.  Manhattan Residential Rentals Market Overview Q3 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Brisk market pace continues as rental prices continue to rise and marketing time remains near a 20-year low”

  • Median rental price was $3,195, up 10.2% from $2,900 in the same period last year.
  • Net effective median rental price (after concessions) was up 8% over the same period.
  • Landlord concessions accounted for 2% of all rentals with an average of 1 month free rent.  This compared to 8.6% of all rents in the same period last year

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