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.


Read more: http://www.crainsnewyork.com/article/20120112/REAL_ESTATE/120119961#ixzz1jHUabGqr

History Repeats Itself...

The Appraisal

In an Earlier Time of Boom and Bust, Rentals Also Gained Favor

By DIANE CARDWELL

Published: October 17, 2011

During the boom years in Manhattan real estate, credit was easy, speculators developed building after building to meet rising demand for apartments, and values kept climbing, fed by a flurry of resales. But then Wall Street plummeted and the housing market followed suit, as values deflated and apartment sales came to a standstill.       
“Many people had expected cooperatives to be affected by the recent slump in Wall Street, as indicated by the number of calls from bargain hunters looking for so-called distress sales,” an industry analyst at the time said. “We found that less than half a dozen apartments were offered for resale as a result of the market break.”
Read The Full Story Here: http://www.nytimes.com/2011/10/18/nyregion/new-york-rentals-gained-favor-in-an-earlier-boom-and-bust-period.html?_r=1

Luxury Wall Street Rentals May Win Rent Protection - NYTimes.com

Luxury Wall Street Rentals May Win Rent Protection - NYTimes.com

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