No Quarter in Fourth Quarter for Manhattan Renters

Renters who experienced any schadenfreude over the woes of homeowners in recent years paid the price in Q4 2011, as the price of renting in Manhattan continued to rise. The Q4 Elliman Report tracking Manhattan rentals showed that apartments were renting for more as landlords offered fewer concessions. The median price of a Manhattan rental grew 6.6% year over year, to $3,145. If one includes a decline in offered concessions, however, median Q4 rents grew 9.5%, to $3,635. Dropping concessions were a big factor in 2011 pricing. A separate Q4 and full-year report by CitiHabitats describes a 68% decline in offered concessions to renters between 2010 and 2011. Perhaps reflecting that downtown baby boom, new rentals grew 10% from 2010 to 2011, with the largest segment of growth being in 2BR and 3BR new rentals.

• 4Q – 2011 Manhattan Market Overview [Elliman]

• Downtown Baby Boom Sees 12% Increase in Births [DNAinfo]

• Market Reports [Curbed]