Manhattan residential rental market continues to strengthen

Average residential rents in Manhattan were $3,342 in the first quarter of 2011, or $47.62-per-square-foot when taking landlord concessions into account, according to a Prudential Douglas Elliman residential report released today. While the per-square-foot measurement barely edges out last quarter’s $47.45 fetching price, it’s 20.3 percent more than the $39.58 landlords earned per square foot in the first quarter of 2010. The median rent actually fell from last quarter and a year ago, but landlords made fewer concessions, bringing the overall price up for tenants. Manhattan rental apartments also spent less time on the market — 40 days, on average — than they did a year ago. Overall, the number of rentals in Manhattan was up 150 percent from the first quarter of 2010. TRD