Today we present our 2nd Quarter 2010 Manhattan Rental Market Overview, the leading resource on the state of the rental market. It is produced in conjunction with Miller Samuel to provide our clients with the most comprehensive and neutral market insight available.
There has been a pronounced improvement in the Manhattan rental market over the past year. Rental prices have stabilized while the number of rentals surged. Manhattan rental activity more than doubled over the past year and rental inventory fell 32%. Renters are now paying closer to asking rents than they have in several years, and landlords have been able to reduce their reliance on concessions to manage vacancies. Although New York City has some economic challenges ahead, the improving rental market suggests we are moving in the right direction.
We produce our market reports because I (Dottie Herman)
believe access to timely information in this ever changing market is one of the greatest resources we can offer to our clients, and we remain committed to providing the best information and services in the industry. Coming soon are our exclusive 2nd quarter market reports for Brooklyn, Queens, Long Island and the Hamptons/North Fork. We trust that you will find them useful.
President & CEO, Prudential Douglas Elliman