Prudential Douglas Elliman Reports Manhattan Q-4 Rental Market Stats

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Rental price indicators below prior year quarter, stable since third quarter

(NEW YORK, NY) -- All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near term stabilization in prices.

Rental activity well above last year as inventory drops sharply

Days on market was 76 days in the fourth quarter, 3 weeks faster than the 97 days on market during the same period last year. Coming from abnormally low levels of activity in the same period last year, the number of rentals surged 47.5% to 2,456 units from 1,665 units in the prior year quarter and saw a 3.6% seasonal decline from 2,549 units in the summer. As a result of more rental activity over the year, listing inventory declined 21.3% to 5,225 units from 6,640 units in the same period last year.

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