Friday, January 13, 2012

For apartment landlords, 2011 was grand indeed

The Manhattan residential rental market ended 2011 with a bang.
Rents in the fourth quarter were up solidly from year-earlier levels, according to market reports released Thursday. The median Manhattan monthly rent of $3,145 for all sizes of apartments was the highest median since the fourth quarter of 2006, when median rents reached $3,265, according to the quarterly report by Prudential Douglas Elliman and Miller Samuel Inc. Meanwhile, median net effective rent jumped 9.5% to $3,121 from the fourth quarter of 2010, as landlords dialed back on concessions like a month of free rent.
Separately, brokerage Citi Habitats reported that the average Manhattan rent rose 6.2% to $3,322 a month last year.

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