Photo: Aurelien Guichard/Flickr
Rental supply in Manhattan saw a marked increase in July, as listing inventory grew 30 percent year-over-year but median prices remained steady according to the latest report from New York City brokerage Douglas Elliman released last Friday.
The 7,681 total listings reported in July was a significant year-over-year increase from the 5,893 seen last year, but only up 3 percent from the previous month’s 7,442 listings. While inventory is up from last year, the vacancy rate — almost 2.5 percent in July — remains elevated but essentially unchanged year-over-year.
The median rental price of $3,450 held steady, seeing a less than 1 percent increase from the previous year’s $3,418.
Rental price per square foot climbed to $66.38 per square foot, a sharp 21 percent increase from the previous year’s $54.76 per square foot.
Landlord concessions on new leases saw a nearly 50 percent increase year-over-year. Nearly 11 percent of new leases reported concessions compared to the 5.3 percent in July 2015.
The numbers seen in Manhattan in July continue to reflect a market that continues to be “soft at the top,” Jonathan Miller of Miller Samuel and author of the Elliman report, told The Real Deal. Supply, says Miller, is outpacing demand and prices have leveled off with rent growth “dancing around zero percent all of 2016.”
You can read the full July Elliman report here.