Will be on Bloomberg Surveillance Radio, Monday 9am

Posted by Jonathan J. Miller -Monday, April 16, 2012, 12:01 AM
Comments Off

[click to expand]

I’ll be speaking with Bloomberg’s Ken Prewitt and Tom Keene on Bloomberg Radio’s “Bloomberg Surveillance.” on Monday morning at 9am. We released our rental market report last week and we’ll be speaking about the relationship between the sales and rental market and the disparity between current peak and the last peak: credit policy between those two periods were polar opposites:

4Q 2006: Manhattan Rental Market sets a 20-year (the length of my data series) record high. Credit standards were essentially non-existent by that time in the housing boom causing prices to rise so rapidly that the lack affordability ultimately pushed buyers into the rental market.

1Q 2012: Current credit standards for mortgage lending are so tight that many potential buyers are forced to rent, competing with the existing rental pool and forcing rents to rise – they are currently just 5% short of the 4Q 2006 record.

• [Tight Credit] 1Q 2012 Manhattan Rental Report [Miller Samuel]
  
• Manhattan Rental Market Charts [Miller Samuel]
  
• Ken Prewitt and Tom Keene on Bloomberg Radio’s “Bloomberg Surveillance. [Bloomberg]

[Give Credit Where It's Due] 4Q 2011 Manhattan Rental Report

Posted by Jonathan J. Miller -Thursday, January 12, 2012, 7:13 AM
1 Comment

We released our report on the Manhattan rental market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994.

The rental market tends to lead the purchase market because rentals are generally more immediately responsive to improvement in the economy. However since the economy’s growth is tepid the key driver has more to due with the tightness of credit.

Affordability may be at an all time high but many need an arm and a leg to get financing.

Here’s an excerpt from the report:

The median net effective rent (face rent less landlord concessions) jumped 9.5% to $3,121 from $2,950 in the same period last year. The year-over-year-gains were consistent across all rental price indicators as no apparent shift in apartment mix was responsible for the increases.

The data tables will be updated shortly, if not by the time you read this. The chart section on the new site remains a work in progress.

The Elliman Report: 4Q 2011 Manhattan Rentals [Prudential Douglas Elliman]
The Elliman Report: 4Q 2011 Manhattan Rentals [Miller Samuel]