Bankers losing ground in surging market for Manhattan rental apartments

Our statistics from the Manhattan rental market suggest several intriguing trends:

  • In 2005, Wall Street jobs outnumbered technology jobs 8 to 1. Today it’s 4 to 1.
  • The last 18 months shows a boost in “Creative” jobs – hiring in segments like media and fashion is now 70% higher than its five-year average.
  • Today’s income/rent ratio suggests that the market still has capacity to absorb further rent increases.

This five-year analysis contributed to the 2011 Mid Year Rental Report, which was covered in today’s Wall Street Journal. According to the write-up, developers have taken note by marketing exclusively on the Internet and building amenity space that appeals to young media and tech workers.