While brokers are now convinced the sales market has returned to normal, the recession and its aftereffects were still skewing Manhattan's rental market in the third quarter. Market guru Jonathan Miller's third quarter report, which is live this morning, has rentals at 8,593 units for the quarter, up from only 2,549 the previous quarter. Since listing inventory actually fell by 28 percent, why the change?
With many concessions coming to an end and rents going up as a result, Miller tells us, renters went on the prowl for cheaper places. The median rental price for Q3 ended up being the same as Q2, $3K/month, and the average rental price was down 6.8 percent, to $3,460/month. The average size of apartments rented also fell from this time a year ago, to 879 square feet. In the end, the
house landlord always wins. At least until Hollywood calls for our Manhattan rental market screenplay.
· Third Quarter Rental Market Report [Elliman]
· Rental Market Report coverage [Curbed]
Other coverage of today's report:
· Surging apt. market sparks bidding wars [Crain's]
· Manhattan landlords forgo concessions as rental market heats up [Real Deal]