[Staying Tough] 3Q 2010 Manhattan Rental Market Overview Available For Download
Posted by Jonathan J. Miller -Thursday, October 7, 2010, 8:53 AM
2 Comments
The 3Q 2010 Manhattan Market Overview , part of a report series that we have authored for Prudential Douglas Elliman since 1994, was released today.
Here’s an excerpt from the report:
Rental price per square foot slipped 1.3% to $47.22 from $47.84 in the prior year quarter and declined 4.8% from $49.60 in the prior quarter. Median rental price was $3,000 in the third quarter, 1.7% higher than $2,950 in the prior year quarter and unchanged from the prior quarter. Median rental price growth over the prior year quarter occurred in the studio and 1-bedroom markets with a 9.8% and 1.9% increase respectively. The larger 2-bedroom, 3-bedroom and 4-bedroom markets posted progressively higher declines over the same period.
You can build some cool custom data tables and view charts with the current data.
Other reports we prepare can be found here.
Download 3Q 2010 Manhattan Rental Market Overview [Miller Samuel]
[...] third-quarter survey of Manhattan residential rentals by the Miller Samuel appraisal firm finds that the listing discount–the percentage difference [...]
My interpretation of this data is that people are moving to smaller apartments (i.e. studios and 1-bd) thus explaining the growth in efficiencies and the downsizing in the 2-4 bd units. Likely just a response to the economic climate that we’re experiencing? Maybe…