The 4Q 2009 Manhattan Rental Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
Our data section is being re-built to accommodate rental results but in the mean time you can check out our growing rental chart library.
Press coverage can be found here.
The report tracks new rental activity, not renewals. Over the past three quarters, landlords have been much more aggressive with their efforts to bolster tenant retention. Anecdotal stories of landlords approaching tenants with lower rent offers continue, however the amount of concessions being offered appeared to level off a bit this quarter.
…All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near term stabilization in prices…
Download 4Q 2009 Manhattan Rental Market Overview
[…] a brief recap of the Manhattan Rental Market Overview for the 4Q 2009 that was published today. Â The last quarter of the year was essentially a continuation of the […]
You may want to check the tables and charts at the bottom of page 1 of the rental report. Grey should equal studio and black should equal 4-bed, not vice versa.
For the record, I’m a big fan, and generally appreciate your objective analysis.