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MANhattan RENTALS

3Q-2011

highlights of the quarterly survey of residential rentals

After considering limited landlord concessions, monthly rents continued to rise, while listing inventory slipped.

Manhattan Rental Market Matrix

3Q–2011

% Chg (qtr)

Rental Price per Square Foot

$51.03

2.0%

$50.03

8.1%

$47.22

Median Rental Price

$2,995

3.4%

$2,896

-0.2%

$3,000

7,998

-6.7%

8,572

-6.9%

8,593

75.8%

33

52.6%

Average Rental Price

Number of New Rentals

$3,521

Days on Market (From Original List Date)

58

Listing Discount (From Original List Price)

3.0%

Listing Inventory (Active)

4,605

1.6%

2Q–2011

$3,465

% Chg (yr)

3Q–2010

1.8%

$3,460

38

1.7% 4.0%

4,427

1.7% -1.9%

4,693 (Face Rent)

Manhattan Rental w/ Concessions

Average Rental Price Rental Price per Square Foot Median Rental Price Number of New Rentals w/Concessions (%) Free Rent/Owner Pays (Mos)

3Q–2011

$3,491 $50.60 $2,970 8.6% 1.2

% Chg (qtr)

1.0% 1.4% 2.8%

0.0%

2Q–2011

$3,455 $49.89 $2,888 3.4% 1.2

% Chg (yr) 6.9% 13.6% 4.9%

3Q–2010

-20.0%

$3,265 $44.56 $2,831 45.0% 1.5

(Net Effective Rent)

Median rent with concessions (net effective monthly median rent), increased 4.9% to $2,970 from $2,831 in the prior year quarter. The number of listings on the market slipped 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 over the same period last year, as more tenants likely opted for renewals. Approximately 8.6% of new leases had some form of landlord concession, compared to 45% in the prior year quarter. Of the leases with concessions, the average amount was the equivalent of 1.2 months. Days on market—the number of days from original list date to lease signing—was 58 days, nearly 3 weeks slower than the 38 day average of the prior year quarter. 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 same period two years ago.

for a complete version of the Elliman Report www.elliman.com/marketreports


Q3 2011 Rental Market Overview  

Highlights of the rental market Q3 2011.

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