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