|Last Updated: Jun 15, 2012|
|NEW YORK UPPER MANHATTAN - Apartments||COST (US$)||YIELD (p.a.)||PRICE/SQ.M. (US$)|
|TO BUY||MONTHLY RENT||TO BUY||MONTHLY RENT|
|75 sq. m.||812,400||3,561||5.26%||10,832||47.48|
|120 sq. m.||1,605,240||6,286||4.70%||13,377||52.38|
|200 sq. m.||3,430,000||11,960||4.18%||17,150||59.80|
|350 sq. m.||8,710,450||n.a.||n.a.||24,887||n.a.|
|NEW YORK LOWER MANHATTAN - Apartments|
|60 sq. m.||683,280||3,622||6.36%||11,388||60.37|
|120 sq. m.||1,870,440||7,372||4.73%||15,587||61.43|
|300 sq. m.||4,621,500||17,655||4.58%||15,405||58.85|
|MIAMI - Condominiums/townhomes|
|75 sq. m.||287,475||1,640||6.84%||3,833||21.86|
|120 sq. m.||524,040||2,608||5.97%||4,367||21.73|
|175 sq. m.||907,725||4,893||6.47%||5,187||27.96|
|250 sq. m.||1,772,500||8,343||5.65%||7,090||33.37|
|MIAMI - Condominiums/townhomes (Aventura)|
|75 sq. m.||206,025||1,373||7.99%||2,747||18.30|
|120 sq. m.||381,840||1,970||6.19%||3,182||16.42|
|165 sq. m.||510,015||2,935||6.91%||3,091||17.79|
|250 sq. m.||764,750||4,720||7.41%||3,059||18.88|
New York Upper Manhattan: Upper East Side, Upper West Side
New York Lower Manhattan: Chelsea, Greenwich Village, Soho, Tribeca
Miami : Coral Gables, Key Biscane
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule
In New York rental yields are moderate, which is to be expected in such a large, international city.
In Miami, smaller apartments in Aventura return rental yields of nearly 10%. At the other end of the scale large apartments or townhouses on Coral Gables or Key Biscane bring yields of around 4%. Between these two extremes there is a continuous gradient, with smaller properties in less prestigious areas yielding more, larger properties in more upscale areas yielding less.
However these rental yields are promising. Property in the US is now relatively inexpensive, from an international perspective. In addition, the US is a country with a growing population, due to its tradition of accepting a large number of immigrants. Low yields + low pricing in comparative terms + a growing population look an attractive combination.
We apologize for only covering two regions in a country as significant as the U.S. (we cover 6 cities in China!) Our reason is that there are many excellent U.S. sources of data. It would be redundant for us to devote resources to work that has been better done by others. We add value by work in countries that others do not cover well. Our U.S. work should primarily be seen in that light, as providing a standard of comparison for our other valuation work.
We remind readers that these are gross rental yields, i.e., they are calculated on the basis of the offered rent, and are before vacancies, costs, repairs, refurbishments or any other expenses. Actually achieved yields are likely to be lower.
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