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Manhattan rental rates rise 10.2% in Q3

In September, median residential rental prices in Manhattan jumped 10.2 percent year-over-year to $3,195 per month, according to a report released Thursday from Prudential Douglas Elliman Real Estate and appraisal company Miller Samuel Inc.

Taking into account landlord concessions, such as free rent for a period of time, and the median rental price rises 8 percent to $2,938 during the third quarter, the report said.

The report points to two drivers of rental demand — tight lending conditions and improving employment levels.

“This has held many would-be buyers in the rental market…” according to the report.

Jonathan Miller, CEO of Miller Samuel, told Crain’s New York Business that rents will continue to rise.

Even though rents are increasing, the number of days rentals are on the market continues to be near record lows. In September, the average days on the market was 39, down from 55 days last year, the report said.

Meanwhile, the median rental price in Brooklyn was $2,350 in the third quarter, down 2.1 percent from the same quarter in 2011.

Apartments there are also being snapped up more quickly, with units spending just over a month on the market, down from 44 days last September.

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