Manhattan Rentals at Second Fastest Pace in 15 Years

Rents in Manhattan continued their march upward last quarter, with the average rent climbing 4% from the previous quarter to $3,663. That’s up 4.7% from last year.

Remember back in the days when the top chart and the bottom chart had completely different numbers? Well, with concessions down from 40.5% last year to just 7.4%, we’re not seeing too many freebies to skew the charts.  Of the lucky 7.4% who got a concession, the average was equivalent to 1.2 months of free rent.

Other numbers of note:

• Rents for two and three bedrooms jumped 14% and 18.1% respectively over the past year.
• Days on the market is the second-shortest in 15 years, at 37 days.
• Listing inventory was up 22.2% from last year.

Source: Prudential Douglas Elliman

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