[Credit Crunch + No Confidence] 3Q 2011 Manhattan Rental Report Available For Download

Posted by Jonathan J. Miller -Thursday, October 13, 2011, 10:30 AM
1 Comment

[click to open report]

The Elliman Report: Manhattan Rentals 3Q 2011 (renamed) was published today. It is part of a report series that we have authored for Douglas Elliman since 1994.

You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.

Here’s an excerpt from the report:

…The median rental price, without concessions, was essentially unchanged year-over-year at $2,995. However, median rent with concessions (net effective monthly median rent), increased 4.9% over the same period to $2,970 from $2,831. Approximately 8.6% of new leases had some form of landlord concession compared to 45% in the prior year quarter…The number of listings on the market declined 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 in the same period last year as more tenants likely opted for renewals. 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 sameperiod two years ago…

Here’s a summary of the media coverage.

Other reports we prepare can be found here.

The Elliman Report: Manhattan Rentals 3Q 2011 [Miller Samuel]
Manhattan custom data tables [Miller Samuel]

One Response to “[Credit Crunch + No Confidence] 3Q 2011 Manhattan Rental Report Available For Download”

1. Weekly Roundup: Brooke’s place takes a beating, mortgage rates jump, $1 million goes only so far « says:

   October 14, 2011 at 6:06 AM

   [...] Landlords trim concessions in Q3, effectively raising rents [...]