Friday, October 14, 2011

While many buyers/sellers sit on the fence; New York rental market is once again becoming a "landlord's market"

Manhattan Rents Jump as New Yorkers Stay Put

Manhattan apartment rents climbed 4.9 percent in the third quarter from a year earlier as tenants opted to renew leases in a tightening market, leaving home-seekers to compete for fewer vacancies.
The median effective rent, or what tenants pay after landlord-sponsored incentives, increased to $2,970 a month from $2,831 a year earlier, according to a report by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. New leases declined 6.9 percent to 7,998, and the number of listings on the market dropped 1.9 percent to 4,605.
Stricter mortgage-lending standards and weak consumer confidence are limiting demand for home purchases, leading to increased competition for rentals, according to Jonathan Miller, president of New York-based Miller Samuel. Tenants are staying put as rents rise and a limited supply of three- and four-bedroom apartments prevents them from trading up, he said.
The interior view of a model apartment is shown in New York City. Photographer: Rinze Van Brug via Bloomberg
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