In the eternal war of Gotham real estate between rentals and sales, the rentals are winning.
Conducting a comparison of closed rental (new leases only, not renewals) vs. closed sales transactions throughout the island of Manhattan over 2012, NYC real estate guru Jonathan Miller has revealed that rental activity is far outpacing sales activity in every neighborhood -- at a lopsided rate of 3:1. In other words, the numbers say, Manhattan is a rentals town.
And there's a great map that illustrates these findings below:
Map of Manhattan Rental vs. Sales Activity Market Share by Neighborhood
Key Insights from the Manhattan Rental vs. Sales Activity Comparison
Miller's methodology compared the market share of Manhattan apartment rentals versus sales activity, using closed sales and closed rental transactions for 2012. (Renewed leases were excluded from the analysis.) He then compared each neighborhood / market, with pie charts placed throughout his map to illustrate the difference in rental vs. activity in each area.
The map reveals several interesting observations around the level of rental vs. sales activity for Manhattan overall (e.g., new rental leases garner 76% market share, while sales transactions garner just 24%) as well as on a neighborhood-by-neighborhood basis (e.g., Battery Park City rentals activity clocks in at 82% of market share compared to just 18% for sales, whereas Chelsea apartment rentals activity comes in at 73% vs. 27% for sales).
Manhattan Rentals vs. Sales Market Share Study - Further Information
You can find further information on the rentals vs. sales study's methodology, as well as additional interpretation of the data, on Miller's rentals vs. sales market share post on Curbed NY.