4th Quarter/Year-End 2009 Report - Manhattan Residential Rental Market
January 14, 2010
Media Coverage:
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
By John Gittelsohn
Jan. 14 (Bloomberg) -- Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
Average Manhattan rents dropped 4% last year
By Amanda Fung January 14, 2010
(Crains New York) Manhattan apartment rents ended the year down 4% from where they started 2009, but that decline helped to strongly boost the number of new leases signed, according to two market reports released Thursday.
In the final quarter of 2009, the average rent fell to $3,789 down 4% from the same quarter of 2008, according to Prudential Douglas Elliman and appraisal firm Miller Samuel Inc. That figure does not take into account rent concessions. (read full article)
Manhattan apartment rents and vacancies off in '09
NEW YORK, Jan 13 (Reuters by Nick Zieminski) - Vacancy rates for apartments in New York City's borough of Manhattan, the largest U.S. apartment market, declined in 2009, as lower rents and better landlord incentives attracted tenants, according to a quarterly brokerage report. (read full article)
Manhattan rental deals up in 4Q: reports
January 14, 2010 By Candace Taylor
(The Real Deal) Manhattan rental transactions surged in the fourth quarter of 2009, according to market reports released by two large city brokerages today (see full reports below).
A marketwide report released by Prudential Douglas Elliman estimated that the number of rental deals in Manhattan leaped 47.6 percent to 2,456 in the fourth quarter, from 1,665 in the same period of 2008. Citi Habitats, the city's largest rental brokerage, said it did more than 2,600 transactions in the fourth quarter, an increase of 30 percent from roughly 1,800 in the prior-year-quarter. (read full article)
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
January 14, 2010 By John Gittelsohn
(BusinessWeek) Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
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