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.
…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