Some of the optimism of the third-quarter sales reports returns this week in the second-ever Prudential Douglas Elliman Manhattan Rental Market Overview, prepped by appraiser and Curbed graph guru Jonathan Miller. Average rents per square foot increased 8.3 percent from the second quarter to the third. The number of rentals rose by more than 8 percent as well. Inventory was down 10.5 percent from last quarter. "Like the sales market, the rental market saw an increase in activity over the summer," JMillz sez. Of course, these numbers don't take into account incentives like multiple months of free rent. The Manhattan market: still falling, but perhaps it's finally gotten the parachute open.
But! Before we award the rental market a "most improved" ribbon, let's take a look at the year-to-year stats. The number of rentals is down 58.9 percent from a year ago. Average rent per square foot is down 9.4 percent. The median rent is $2,950, down 7.7 percent from a year ago. Inventory, compared to last year, is up. What say you, renters? How's the rental market treating you?
· Market Reports [Elliman]