Manhattan apartment rentals rose as concessions faded in the first quarter of 2011, according to a new report prepared by Miller Samuel Inc. for Prudential Douglas Elliman.
"Although median face rent fell from the prior year quarter, the amount actually paid by tenants - the net effective median rental price - was up 7.4 percent," the report said, while "concessions paid by landlords fell to 1 month of annual rent from 2.5 months last year."
The average rental price in the first quarter of this year was $3,445 compared to $3,812 in the prior year quarter, the report said, adding that the rental price per square foot in the first quarter was $49.9 compared to $46.91 in a year ago.
The report said that the number of new rentals this first quarter was 6,665, a 150.3 percent increase from a year ago and that the number of days on market this first quarter was 40 compared to86 a year ago.
The average rental price in the first quarter of this year for studios was $2,269, $3,008 for one-bedrooms, $4,644 for two-bedrooms, $7,485 for three-bedrooms, and $12,321 for four-bedrooms, according to the report.
"Although median face rent fell from the prior year quarter, the amount actually paid by tenants - the net effective median rental price - was up 7.4 percent," the report said, while "concessions paid by landlords fell to 1 month of annual rent from 2.5 months last year."
The average rental price in the first quarter of this year was $3,445 compared to $3,812 in the prior year quarter, the report said, adding that the rental price per square foot in the first quarter was $49.9 compared to $46.91 in a year ago.
The report said that the number of new rentals this first quarter was 6,665, a 150.3 percent increase from a year ago and that the number of days on market this first quarter was 40 compared to86 a year ago.
The average rental price in the first quarter of this year for studios was $2,269, $3,008 for one-bedrooms, $4,644 for two-bedrooms, $7,485 for three-bedrooms, and $12,321 for four-bedrooms, according to the report.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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