The inaugural 2Q 2009 Manhattan Rental Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 2Q 2009 data will be available today. A designated chart section for Manhattan rentals is under development and hopefully ready later this month.
Press coverage can be found here.
An excerpt
…There were 2,346 rentals in the second quarter, down 58.3% from the 5,624 units of the same quarter last year, but up 2.4% from the 2,290 units in the prior quarter. Inventory increased 28.8% to 7,290 apartments from 5,658 in the prior year quarter, yet declined 3.1% from the 7,522 units in the prior quarter. Days on market nearly doubled to 83 days from 45 days and listing discount increased to 9.5% from 2.6%, both compared to the prior year quarter. There was a late quarter surge in rental activity in the quarter not attributable to seasonal trends. The month of June accounted for 46.3% of the total rentals for the quarter, while May accounted for 33.3% and April accounted for 20.4%. Last year at this time, each month saw a consistent number of rentals…
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