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Elliman Report: Manhattan Rentals 1Q 2012

Year-over-year prices continued to show strong gains as landlord concessions declined. Median net effective rent was $3,064 for the first quarter, 9.1% higher than $2,808 in the prior year quarter. Use of concessions fell to 11.1% winthin all new rentals from 36.8% in the same period last year. Rental price per square foot increased to $52.57 in the first quarter, reaching its highest level since the third quarter of 2008, just as the credit crunch began…

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