Effective rents in Manhattan jump 7.4% in first quarter as landlords ease back on concessions and vacancies evaporate; market tilts in favor of owners.
The Manhattan residential rental market remained strong during the first quarter of this year with rents rising and vacancy rates falling, according to two industry reports released Thursday.
Tenants paid more rent in the quarter than they did the same period last year, according to a report by Prudential Douglas Elliman and Miller Samuel Inc. Median net effective rent, which includes landlord concessions, rose 7.4% to $2,808, while average net effective rent rose 3.9% to $3,342. Considering the net effective rent on a per-square-foot basis, the increases were far more dramatic, soaring 20.3% to $47.62.
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