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Jun 06, 2014

Excellent yields in Miami, poor yields in New York


Last Updated: Jun 06, 2014
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. n.a. 3,925 n.a. n.a. 52.33
120 sq. m. 2,219,880 7,225 3.91% 18,499 60.21
200 sq. m. 4,561,200 15,466 4.07% 22,806 77.33
300 sq. m. 8,278,800 n.a. n.a. 27,596 n.a.
NEW YORK LOWER MANHATTAN - Apartments
75 sq. m. n.a. 4,705 n.a. n.a. 62.73
120 sq. m. 2,609,760 8,158 3.75% 21,748 67.98
175 sq. m. 4,830,350 12,360 3.07% 27,602 70.63
250 sq. m. 6,695,250 18,355 329% 26,781 73.34
375 sq. m. 12,888,000 n.a. n.a. 34,368 n.a.
MIAMI - Condominiums/townhomes
65 sq. m. 203,450 1,601 9.44% 3,130 24.63
120 sq. m. 490,320 3,162 7.74% 4,086 26.35
200 sq. m. 989,800 6,804 8.25% 4,949 34.02
300 sq. m. 1,958,700 n.a. n.a. 6,529 n.a.
MIAMI - Condominiums/townhomes (Aventura)
70 sq. m. 182,840 1,345 8.83% 2,612 19.22
90 sq. m. 201,330 1,618 9.65% 2,237 17.98
120 sq. m. 267,000 2,285 10.27% 2,225 19.04
200 sq. m. 756,200 3,732 5.92% 3,781 18.66
Districts researched:
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

New York. Apartments in the Upper East and Upper West sides of Manhattan cost on average, USD 12,000 to USD 24,000 per square metre (sq.m.). In lower Manhattan - Chelsea, Greenwich Village, Sho and Tribeca, apartments tend to be more expensive, with prices per sq. m. ranging from around USD 17,000 to USD 27,000.

In both Upper and Lower Manhattan, bigger apartments tend to cost more. For example in Upper Manhattan, a 120 sq.m. apartment costs around USD 15,000 per sq. m., whereas a 175 sq. m. apartment costs USD 18,000 per sq. m., on average. In Lower Manhattan, a 120 sq.m. apartment costs around USD 18,000 per sq.m., whereas a 200 sq. m. apartment costs around USD 23,000 per sq.m.

Monthly rents per sq. m. in Upper Manhattan range from USD 54 to USD 67, whereas in Lower Manhattan, monthly rents per sq.m. range from USD 61 to USD 65. Upper Manhattan apartments return rental yields of around 4% to 5%, while in Lower Manhattan, rental returns are lower, ranging from around 3% to 5%.

Oddly, smaller apartments in Upper Manhattan are cheaper to rent per sq. m. than bigger apartments. For example, a 70 sq. m. apartment costs around USD 54 per sq. m. per month. A 175 sq. m. apartment on the other hand, costs around USD 67 per sq. m. per month.

In Lower Manhattan, things are different. Here, it is cheaper (per sq. m.) to rent a bigger apartment than a smaller apartment. For example, it costs around USD 65 per sq. m. per month to rent a 60 sq. m. apartment, whereas, it costs only around USD 59 per sq.m. per month to rent a 200 sq. m. apartment.

Miami. Gross rental yields in Coral Gables and Key Biscayne, at the top-end of Miami propetty, range from 6% to around 8%. In Aventura, also an upscale residential neighborhood (but slightly less elite), gross rental yields are excellent on small apartments, with a 90 sq. m. apartment earning around a 9 % rental return. Bigger 120 sq. m. and 150 sq. m. apartments also return good rental yields, with a typical yields being around 7.6%.

Condominiums and townhouses in Coral Gables and Key Biscayne in Miami cost around USD 4,000 to USD 8,000 per sq.m. In Aventura prices per sq. m. of condos and townhouses range from USD 2,000 to USD 5,000 on average.

Monthly rents per sq.m. in Coral Gables and Key Biscayne range from USD 23 to USD 31, whereas in Aventura, monthly rents range from around USD 17 to USD 20.


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Manhattan Residential Market Report Q4 2013 - Brown Harris Stevens
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