Average Manhattan rent tops $3,400
The average Manhattan apartment rented for $3,453 in September 2012, according to the September rental report from Citi Habitats. These days, the market for residential rentals in Manhattan is very strong – and various industry reports indicate that the rental market isn’t slowing down any time soon. In fact, Prudential Douglas Elliman’s monthly report reveals that the average number of days a Manhattan apartment spends on the market year-to-date — 39 per listing — is the lowest average since the brokerage began tracking rental data two decades ago. In September 2011, that number was 55.
Why is the rental market so robust and competitive these days? Tight lending standards in combination with an improving economy led median rental prices to soar 10 percent year-over-year, according to Elliman’s data. The vacancy rate was also down from 2.62 to 1.82 year-over-year. But there may be some fatigue showing as a result of the rising prices. The rate of new Manhattan rentals was up 55 percent year-over-year.

30% price drops at Trump Soho
Prudential Douglas Elliman has relisted a handful of units at Trump Soho — but at seriously reduced prices. The brokerage, which joined Prodigy International last year to market the building’s units on a co-exclusive basis, has dropped the price of some of the units by almost 30 percent, as revealed by data from Streeteasy.com. For example, a one-bedroom, 741-square-foot unit at the property, which was taken off the market in August after asking $1.78 million or $2,406 per square foot, has been relisted for $1.27 million or $1,714 per square foot, Streeteasy.com shows. The price of another one-bedroom spread has been dropped by 27%, from $1.59 million to $1.16 million.
Sales have been ongoing at the development since 2006. In May — the last time brokerage Prodigy International officially released information on its recent deals — less than one quarter of the property’s 391 residences had been sold or were in contract. Last year, ten Trump Soho buyers received a 90% refund on their deposits after taking legal action against developers, the Bayrock Group and the Sapir Organization, alleging they misrepresented sales figures at the building.