Quarterly Survey of Residential RentalsMANhAttAN RENtALS 4Q-2011

The Douglas Elliman Report series is recognized as the industry standard for providing the state of the residential real estate market in the New York City metropolitan region. The report includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results.

PrePared by Miller SaMuel inc. Appraisal and consulting services covering the New York City metropolitan area

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Studio 24 7%1-Bedroom 48 3%2-Bedroom 21 7%3-Bedroom 4 5%4-Bedroom 0 8%

Downtown 43 6%East Side 29 8%West Side 20 7%Uptown 5 8%

4Q-2011 Market Share by size 4Q-2011 Market Share by Location

Manhattan Rental Market Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,663 4 0% $3,521 4 7% $3,499Rental Price per Square Foot $52 16 2 2% $51 03 6 2% $49 13Median Rental Price $3,145 5 0% $2,995 6 6% $2,950Number of New Rentals 7,942 -0 7% 7,998 10 0% 7,217Days on Market (From Original List Date) 37 -36 2% 58 -15 9% 44Listing Discount (From Original List Price) 4 3% 3 0% 4 2%Listing Inventory 4,721 2 5% 4,605 22 2% 3,862

(Face Rent)

Manhattan Rental w/Concessions 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,635 4 1% $3,491 7 6% $3,379Rental Price per Square Foot $51 77 2 3% $50 60 9 1% $47 44Median Rental Price $3,121 5 1% $2,970 9 5% $2,849Number of New Rentals w/Concessions (%) 7 4% 8 6% 40 5%Free Rent/Owner Paid (Mos) 1 2 0 0% 1 2 20 0% 1 0

(Net Effective Rent)

• All rental price indicators showed gains over prior year quarter. The median net effective rent (face rent less landlord concessions) jumped 9.5% to $3,121 from $2,849 in the same period last year. The year-over-year-gains were consistent across all rental price indicators as no apparent shift in apartment mix was responsible for the increases.

• 2-bedroom and 3-bedrooms showed most gain in activity. Market share for studio and 1-bedroom rentals showed 4.9% and 10.7% year-over-year growth but lost market share to larger apartments as the sharp decline in mortgage rates pulled some potential renters into the sales market. The 2-bedroom and 3-bedroom markets outpaced their smaller counterparts increasing 14% and 18.1% respectively over the same period as well as gains in market share.

• Despite the general rise in rental prices over the year, listing inventory expanded. While the rental listing inventory of 4,721 remained 10% below the five-year average of 5,245, inventory has been rising. The number of apartments available for rent was up 22.2% from 3,862 in the prior year quarter and has edged higher for four consecutive quarters. However, pressure is expected to continue on prices as long as credit conditions for mortgage lending remains tight.

RENtALS

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

For more information or electronic copies of this report please visit elliman com/marketreports Email report author Jonathan Miller at jmiller@millersamuel com with questions or comments

Prudential douglaS elliMan real eState 575 Madison Avenue, New York, NY 10022 • 212 891 7000 • ELLIMAN COM rental office: 4 Leonard Street, New York, NY 10022 212 350 8500 • ellimanrentals com Miller SaMuel real eState aPPraiSerS 21 West 38th Street, New York, NY 10018 • 212 768 8100 • millersamuel com

©2012. Prudential Financial, Inc. and its related entities. An Independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice.

rental market by size

rental market by Location

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft Number of new Rentals

Rental Price Per Sq Ft

0

2,000

4,000

6,000

8,000

10,000

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 103Q 102Q 101Q 104Q 093Q 092Q 091Q 094Q 08

DOORMAN

NON-DOORMAN

$20

$30

$40

$50

$60

$70

4Q 113Q 112Q 111Q 114Q 10

Rental Price Per Sq Ft LOFT

LUXURY

$35

$45

$55

$65

$75

$85

4Q 113Q 112Q 111Q 114Q 10

0

600

1,200

1,800

2,400

3,000

$45

$47

$49

$51

$53

$55

4Q 113Q 112Q 111Q 114Q 10

0

900

1,800

2,700

3,600

4,500

$40

$43

$46

$49

$52

$55

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0

120

240

360

480

600

0

25

50

75

100

125

$0

$20

$40

$60

$80

$100

4Q 113Q 112Q 111Q 114Q 10

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

$35

$40

$45

$50

$55

$60

4Q 113Q 112Q 111Q 114Q 10

0

500

1,000

1,500

2,000

2,500

$40

$44

$48

$52

$56

$60

4Q 113Q 112Q 111Q 114Q 10

0125

250

375

500

625

$20

$23

$26

$29

$32

$35

4Q 113Q 112Q 111Q 114Q 10$30

$36

$42

$48

$54

$60

4Q 113Q 112Q 111Q 114Q 10

Price per SqFt No. of Rentals Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

Price per SqFt No. of Rentals

MANHATTAN RENTAL

STUDIO DOWNTOWN

EAST SIDE

WEST SIDE

UPTOWN

1-BEDROOM

2-BEDROOM

3-BEDROOM

4+ BEDROOM

$46

$48

$50

$52

$54

$56

4Q 113Q 112Q 111Q 114Q 10

Report methodology: http://www.millersamuel.com/reports/methodology.php

Studio Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $2,467 5 3% $2,343 6 4% $2,319Rental Price per Square Foot $52 21 -0 7% $52 56 7 5% $48 55Median Rental Price $2,350 6 8% $2,200 4 4% $2,250Number of New Rentals 1,963 -11 7% 2,223 4 9% 1,871

1-Bedroom Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,284 3 6% $3,171 7 0% $3,069Rental Price per Square Foot $53 15 4 7% $50 78 8 3% $49 07Median Rental Price $3,195 3 1% $3,098 6 5% $3,000Number of New Rentals 3,836 -1 5% 3,894 10 7% 3,465

Downtown Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,862 0 5% $3,842 7 7% $3,586Rental Price per Square Foot $54 46 2 6% $53 07 9 2% $49 86Median Rental Price $3,350 4 7% $3,200 7 2% $3,125Number of New Rentals 3,465 9 8% 3,156 13 6% 3,050

2-Bedroom Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $4,788 0 6% $4,761 1 4% $4,722Rental Price per Square Foot $49 45 0 6% $49 16 -0 3% $49 60Median Rental Price $4,533 10 7% $4,095 3 1% $4,395Number of New Rentals 1,724 13 6% 1,518 14 0% 1,512

East Side Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,538 4 3% $3,392 3 0% $3,434Rental Price per Square Foot $49 44 -0 4% $49 63 10 0% $44 94Median Rental Price $2,925 6 4% $2,750 9 8% $2,665Number of New Rentals 2,369 2 3% 2,316 15 1% 2,058

3-Bedroom Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $7,628 -6 0% $8,118 0 9% $7,558Rental Price per Square Foot $53 92 6 1% $50 82 12 3% $48 01Median Rental Price $6,159 -2 2% $6,295 13 3% $5,435Number of New Rentals 359 9 8% 327 18 1% 304

West Side Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $3,924 15 3% $3,402 4 2% $3,767Rental Price per Square Foot $55 00 9 2% $50 36 -0 6% $55 31Median Rental Price $3,255 8 5% $3,000 1 9% $3,195Number of New Rentals 1,644 -24 4% 2,175 -7 5% 1,777

4+ Bedroom Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $10,944 -45 5% $20,079 -15 4% $12,941Rental Price per Square Foot $54 32 -14 1% $63 25 -14 5% $63 53Median Rental Price $7,748 -59 2% $19,000 -32 6% $11,500Number of New Rentals 60 66 7% 36 -7 7% 65

Uptown Rental Matrix 4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010Average Rental Price $1,885 -14 9% $2,216 13 6% $1,659Rental Price per Square Foot $26 94 -5 7% $28 56 24 5% $21 64Median Rental Price $1,650 -21 4% $2,100 10 1% $1,498Number of New Rentals 464 32 2% 351 39 8% 332