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Manhattan Rental Market Overview 4Q 2009 (Data Brief)
Publication Date: January 14, 2010
analysis prepared by
Prudential Douglas EllimanJonathan J. Miller
http://www.prudentialelliman.com
President/CEOMiller Samuel Real Estate AppraisersMatrix blog - interpreting the real estate economy(646) 283-2351 mobile
http://matrix.millersamuel.com
(212) 768-8100 X101 office
jmiller@millersamuel.com
The Housing Helix Podcast
http://www.millersamuel.com/reports http://www.thehousinghelix.com
MANHATTAN RENTAL MARKETMatrixCurrent Qtr%ChgPrior Qtr%ChgPrior Year Qtr
Average Rental Price$3,7890.8%$3,759-4.3%$3,958Rental Price per Square Foot$47.02-1.7%$47.84-4.6%$49.30Median Rental Price$2,900-1.7%$2,950-9.4%$3,200Number of Rentals2,456-3.6%2,54947.5%1,665Days on Market (From Original List Date)76-1.4%77-21.7%97Listing Discount (From Original List Price)6.5%7.0%6.9%Listing Inventory5,225-19.9%6,527-21.3%6,640
MANHATTAN RENTAL MARKET BY SIZEStudio MatrixCurrent Qtr%ChgPrior QtrPrior Year Qtr
Average Rental Price$2,2530.1%$2,252-1.8%$2,294Rental Price per Square Foot$47.28-6.4%$50.52-5.8%$50.20Median Rental Price$2,1005.0%$2,000-8.5%$2,295Number of Rentals6233.1%60467.9%371
1-Bedroom MatrixCurrent Qtr%ChgPrior QtrPrior Year Qtr
Average Rental Price$3,0260.0%$3,026-6.8%$3,245Rental Price per Square Foot$44.71-4.1%$46.62-11.8%$50.70Median Rental Price$2,850-1.6%$2,895-10.5%$3,185Number of Rentals1,071-6.5%1,14540.6%762
2-Bedroom MatrixCurrent Qtr%ChgPrior QtrPrior Year Qtr
Average Rental Price$5,2283.6%$5,048-0.6%$5,257Rental Price per Square Foot$49.105.2%$46.661.0%$48.60Median Rental Price$4,7000.0%$4,7000.0%$4,700Number of Rentals541-8.6%59224.9%433
3-Bedroom MatrixCurrent Qtr%ChgPrior QtrPrior Year Qtr
Average Rental Price$7,515-1.2%$7,603-19.9%$9,378Rental Price per Square Foot$52.679.9%$47.94-6.8%$56.50Median Rental Price$6,588-3.1%$6,800-17.7%$8,000Number of Rentals1888.7%173100.0%94
4-Bedroom MatrixCurrent Qtr%ChgPrior QtrPrior Year Qtr
Average Rental Price$12,749-1.4%$12,925-32.3%$18,825Rental Price per Square Foot$50.78-16.7%$60.94-51.1%$103.80Median Rental Price$11,500-4.2%$12,000-42.5%$20,000
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