Manhattan Rental Inventories Rise in Q-1, Prices Remained Stable

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According to Prudential Douglas Elliman's newest Manhattan Rental Market Report, listing inventory fell 30.8% to 5,204 units in the first quarter from 7,522 listings in the prior year quarter, but was essentially unchanged from 5,225 units in the prior quarter. Lease renewals and rising rental activity has kept inventory stable year to date. There were 2,663 new rentals, up 16.3% from 2,290 units in the same period last year, and up 8.4% from 2,456 rentals in the prior quarter. In the 1-bedroom and 2-bedroom segments, market share grew from 65.6% to 72.3% since the beginning of the year



 
While price indicators remain below the same period last year, face rents--rental prices before consideration of concessions--have shown stability so far in 2010. The average rental price was $3,812, down 8% from $4,142 in the prior year quarter and essentially unchanged from $3,789 in the prior quarter. Rental price per square foot was $46.91, down 3.1% from $48.41 in the prior year quarter, and down 0.2% from $47.02 in the prior quarter. Median rental price was $3,100, down 6.1% from $3,300 in the prior year quarter, but 6.9% above the $2,900 seen in the prior quarter.

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Rental Market (by size)

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Rental Market (by location)

 

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