Market report king adds rentals to repertoire
July 02, 2009 02:45PM By Candace Taylor
The most trusted name in New York City residential real estate statistics, Jonathan Miller, is finally releasing his long-awaited quarterly rental report.
Prudential Douglas Elliman is slated to publish its first-ever quarterly Manhattan rental market overview next Thursday. The report will be prepared by Miller, who is the president and CEO of Miller Samuel.
Miller has authored Elliman's quarterly reports for real estate sales in Manhattan since 1994. Miller also produces Elliman's quarterly reports for Brooklyn, Long Island and Queens and the Hamptons/North Fork, and has emerged as an oft-quoted source for residential market data.
The city's other major brokerage firms, including the Corcoran Group, Halstead Property and Brown Harris Stevens, also release quarterly market reports on residential sales.
But until now, the rentals market has been a much more secretive business. With landlords reluctant to release inventory or financial information, there's very little market information available to consumers. That has begun to change now that real estate Web site Streeteasy.com and brokerage Citi Habitats and the Real Estate Grou
p New York have each begun compiling rental information, but information about rentals is still spotty. That may change even more now that Miller, who is known for the breadth and specificity of his reports, is turning his attention to the New York City rental market.
"It will give consumers and landlords a better tool to measure market data, and maybe that will help people make more informed decisions," said Miller, who noted that he has been collecting historical data on the Manhattan rental market for quite some time, but hasn't gotten around to compiling it in a report form.
When The Real Deal asked for a sneak peak of his second-quarter report, Miller said he couldn't reveal much. But he did offer this tantalizing bit of information:
"Where do you think all those first-time buyers come from? The rental market."
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Comments
Anonymous
If all of the real estate companies would simply join a legitimate MLS, input per the guidelines, and understand that data input matters, there would be absolutely no need for a data "king." They could understand and check on market changes for their buyers and sellers HOURLY, if they so chose.
Comment #1 Posted By: Anonymous 07/02/09
Anonymous
I give Miller Samuel a lot of credit for doing this. If his statistics are integral to the actual rents being signs instead of asking rents, it will shed a new light onto to the state of the residential market. All leases should be made public though, not just sales. This is why the foreclosures are coming.
Comment #2 Posted By: Anonymous 07/02/09
Anonymous
great idea - why don't we make all paychecks public and all bank balances public and all dress sizes and waist lines- wait, that is what we have Facebook for go make your finances public - the rest of us like a little privacy
Comment #3 Posted By: Anonymous 07/02/09
lindas
great idea - why don't we make all paychecks public and all bank balances public and all dress sizes and waist lines- wait
Comment #4 Posted By: lindas 07/02/09
Anonymous
a total hack!
Comment #5 Posted By: Anonymous 07/03/09
Anonymous
In today's market buyers and sellers want up to the minute accurate sales and rental information. In the Manhattan market this can't be done like elsewhere across the country. Why? because of the lack of a true single database "mls". Today brokers have to go to multiple data sources to gain information that is months old. Once the real estate board and it's members realize that a single data source is the way to go to provide up to the minute information to give to their customers and clients then there will continue to be the suffering. With a complete one source system there will not be a need for a "report king". There is hope, today the growing on line choice for buyers, renters and sellers is Streeteasy.com. This site s providing the information everyone needs. Soon there will be no reason to go to another site. So beware to all the brokerage companies that think differently, the consumer will have the final say and so far they are pointing in the direction of Streeteasy.
Comment #6 Posted By: Anonymous 07/04/09
Anonymous
The problem with Streeteasy (a terrific site) is that they can't force the companies to provide 100% input (or get fined/booted) the way an MLS can. Unless they have that power, it's not going to offer a full perspective. That's why ALL areas, with very, very few exceptions, use the MLS as "the" go-to- forced compliance. Some of these companies don't want the info easily accessible, which begs the question, WHY NOT? Submitting only partial info serves no one.
Comment #7 Posted By: Anonymous 07/05/09
Anonymous
It's all junk unless verified through independent sources
Comment #8 Posted By: Anonymous 09/28/09