Because the world can never get enough Jonathan Miller, the appraiser extraordinaire and Curbed graph guru has added a new quarterly real estate market report to his repertoire. Today brings the release of the first Prudential Douglas Elliman Manhattan Rental Market Overview, prepped by JMillz, and it looks a lot like the quarterly sales reports, including stats such as average price, median price, price-per-square-foot, days on market, etc. On first glance some of the numbers are a bit surprising?average rental price up over last year? Consider our gobs smacked!?but keep in mind that landlord concessions were not accounted for, and median and average prices were skewed because of the drop in market share for studios and 1BRs, caused in part by more first-time buyers taking advantage of mortgage rates. Price-per-square-foot is a more meaningful, and it took a tumble.
The number of units rented were down 58% from last year, but up 2.4% over the first quarter of '09. Likewise, inventory is way up over last year but down slightly from last quarter. This could be attributed to the start of the usually busy spring rental season, but Miller explains, "There was a late quarter surge in rental activity in the second quarter not attributable to seasonal trends." Hmm! Apartments were on the market twice as long as last year, and price-per-square-foot-dropped 17.5% to $44.16. The $3,100 median price of a Manhattan rental was down 3% from last year and 6% from last quarter. If you've recently dipped a toe in the rental market, how about sharing some war stories?
· Market Reports [Elliman]