Eco 101--The headline of the story of flat rents doesn't capture what's going on. Supply is down big, avg rent is slightly up, days on market is down, and discounts are down. The equation is tilting more and more in the land lord's favor.....The brags about getting great rental deals will be short lived. ... [more]
Eco 101--The headline of the story of flat rents doesn't capture what's going on. Supply is down big, avg rent is slightly up, days on market is down, and discounts are down. The equation is tilting more and more in the land lord's favor.....The brags about getting great rental deals will be short lived.
http://therealdeal.com/newyork/articles/median-manhattan-rents-flat-with-inventory-down-over-25-percent-according-to-a-report-from-prudential-douglas-elliman-and-jonathan-miller
The average Manhattan rent reached $3,499 during the fourth quarter of 2010, according to a new Prudential Douglas Elliman report, released today, down 7.7 percent from the same quarter a year earlier, when that figure was $3,789. The median price in the residential market however, stayed relatively flat, climbing 1.1 percent during the same time period.
Inventory, meanwhile, declined to 3,862 homes, down 26.1 percent from a year ago, according to the report, which is based on market-wide data.
[less]
