Q2 rental report, courtesy of Prudential Douglas Elliman
The cost of a Manhattan rental apartment climbed to a median price of $3,125 per month in the second quarter of 2012, a new report shows. At the same time, more units came on the market, but the increased inventory isn’t necessarily good news for renters.
In the second quarter of 2012, rental listings rose 27.9 percent, to 5,660 units from 4,427 units, compared to the same period in 2011, showing evidence of “market churn,” according to a report released today by Prudential Douglas Elliman.
“The rise in inventory is a phenomenon created by people vacating their units when presented with a significant rent increase,” said Jonathan Miller, president of the appraisal firm Miller Samuel and author of Elliman’s report. “Technically it’s happening, but the property becomes available for a short period of time and is snapped up.” [more]