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Douglas Elliman Report: Manhattan Rentals 2Q 2011

A quarterly survey of Manhattan residential rentals

…The average rental concession in the second quarter was 1.2 months of free rent or its equivalent in the second quarter, down from 2 months in the same period last year. As a result, the net effective monthly rent paid by tenants increased to $2,888 from $2,700 over the same period. There was an 11% decline in the number of rental listings available, as new rental activity expanded 51.5% between 2010 and 2011 second quarters…

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