We published our report on the Manhattan rental market for 2Q 2012 this morning. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
Key Points
-Rents are at their highest level in two years; the year-over-year pace has accelerated over the past 4 quarters.
-Use of concessions has all but evaporated with only 3.7% of new rentals having some sort of give back from landlords.
-Largest year-over-year rental price gains seen in smaller apartments.
-Tight credit conditions, rising rents and improving regional economy are pushing more tenants into purchase markets.
Here’s an excerpt from the report:
The average rent was $3,778, the highest rent in two years as tight mortgage lending conditions and regional economic gains continued to drive rental prices higher. Median rent was $3,125, the second highest level over the same period. Since landlord concessions were used in only 3.7% of new rental activity with those transactions averaging only 1 month of free rent, the year-over-year gain in median rent with or without concessions was the same at 7.9%. The average year-over-year median rental increase in each quarter of the past year has been 7.6%, indicating there has been no ease in the pace of rental price gains…
You can build your own custom data tables on the Manhattan rental market – now updated with 2Q 12 data. I’ll have the latest charts on the Manhattan rental market uploaded this evening.
Here’s some of the media coverage for the report today.
The Elliman Report: 2Q 2012 Manhattan Rentals [Miller Samuel]
The Elliman Report: 2Q 2012 Manhattan Rentals [Prudential Douglas Elliman]
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