The inaugural 3Q 2009 Manhattan Rental Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

A 3Q 2009 data and chart section was anticipated to be available by today but because these internal databases are getting so large and cumbersome to manage, we initiated a back of the house rebuild that should be completed before 4Q .

Press coverage can be found here.

The report tracks new rental activity, not renewals. Over the past two quarters, landlords have been much more aggressive with their efforts to bolster tenant retention. Anecdotal stories of landlords approaching tenants with lower rent offers are abundant. And rightly so. Rising unemployment is causing vacancy to rise and rents to fall.

An excerpt

…The average rent per square foot was $47.84, down 9.4% from $52.80 in the prior year quarter, however, there was an increase of 8.3% from the prior quarter result of $44.16. This suggests some easing in the rate of decline since the same year over year metric in the prior quarter, which fell 17.5%. Both average rental price and median rental price posted declines. The average rent was $3,759, down 1% from $3,796 in the prior year quarter and the median rent was $2,950, down 7.7% from $3,195 in the prior year quarter. Number of rentals off sharply from prior year quarter, uptick from prior quarter There were 2,549 rentals in the third quarter, 58.9% below the 6,208 rentals in the same period a year ago, but up 8.7% from 2,346 rentals in the prior quarter. Like the sales market, the rental market saw an increase in activity over the summer causing inventory to decline. There were 6,527 listings available at the end of the third quarter, 5.4% above the 6,191 listings in the same period last year, but 10.5% below the prior quarter total of 7,290 listings. The other market indicators such as days on market and listing inventory corresponded with listing inventory…

Download 3Q 2009 Manhattan Rental Market Overview

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