Manhattan Rental Rates on the Rise, Says Prudential Douglas Elliman Report

---

According to New York-based Prudential Douglas Elliman's Manhattan Rental Market Report for Q1, rental costs to residential tenants are on the rise as concessions start to fade.

Although median face rent fell from the prior year quarter, the amount actually paid by tenants -- the net effective median rental price -- was up 7.4%. Concessions paid by landlords fell to 1 month of annual rent from 2.5 months last year.

Studio leases were the only sector to post increase in median face rent in Q-1. The median rental price for a studio was $2,200, 7.4% higher than $2,048 in the prior year quarter. The market share for new studio rentals expanded to 25.7% from 21.7% over the same period.

The Prudential Douglas Elliman report also stated that the marketing time dropped with fewer listings available to consumers.

The average number of days to rent an apartment fell to 40, down from 86 days in the same period a year ago. This is consistent with the 25.6% decline in new rental listing inventory over the past year, which increased to 3,874 apartments.

Prudential Douglas Elliman Manhattan Q1 Rental Stats

---