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Jun 29, 2016

Good yields in Miami, poor yields in New York

Last Updated: Jun 29, 2016
NEW YORK MANHATTAN - condos and co-ops COST (US$) YIELD (p.a.) PRICE/SQ.M. (US$)
Studio 460,701 2,672 6.96% n.a. n.a.
1 br 948,820 3,456 4.37% n.a. n.a.
2 br 2,211,955 5,078 2.75% n.a. n.a.
3 br 4,316,554 8,451 2.35% n.a. n.a.
4+ br 6,936,912 n.a. n.a. n.a. n.a.
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

Apartments in the Upper East and Upper West sides of Manhattan cost on average USD 14,000 to USD 24,500 per square metre (sq. m.) (or USD 1,309 to USD 2,290 per square foot). In lower Manhattan - Chelsea, Greenwich Village, Soho and Tribeca, apartments tend to be more expensive, with prices per sq. m. ranging from around USD 22,000 to USD 25,000 (or USD 2,056 to USD 2,337 per square foot).

In both Upper and Lower Manhattan, bigger apartments tend to cost more. For example in Upper Manhattan, a 120 sq. m. apartment costs (=1,291 square feet) around USD 17,980 per sq. m., (or USD 1,681 per square foot) whereas a 275 sq. m. apartment costs USD 24,500 per sq. m. (or USD 2,290 per square foot), on average.

In Lower Manhattan, a 120 sq.m. (=1,291 square feet) apartment costs around USD 22,500 per sq.m. (USD 2,103 per square foot), whereas a 250 sq. m. (= 2,675 square feet) apartment costs around USD 25,300 per sq.m (USD2,365 per square foot).

Monthly rents in Upper Manhattan range from USD 53 to USD 87 per sq. m, (= USD 5.00 to 8.10 per square foot) whereas in Lower Manhattan, monthly rents range from USD 70 to USD 74 per sq. m. (= USD 6.47 to 6.94 per square foot). Upper Manhattan apartments return rental yields of around 4.3%, while in Lower Manhattan, rental returns are a little lower.

Miami. Gross rental yields in Coral Gables and Key Biscayne, at the top-end of Miami property, range from 4.8% to around 6.0%. These yields have dipped significantly over the past year. In Aventura, also an upscale residential neighborhood (but slightly less elite), gross rental yields are excellent on small apartments, with a 80 sq. m. apartment earning around a 9.2% rental return, and 120 sq. m. apartments earning 7.1%. Bigger apartments of 200 sq. m. return less good rental yields, with a typical yields being around 6%.

Condominiums and townhouses in Coral Gables and Key Biscayne in Miami cost around USD 6,000 to USD 8,600 per sq.m. (or USD 561 to USD 804 per square foot). In Aventura prices per sq. m. of condos and townhouses range from USD 2,600 to USD 3,700 (or USD 243 to USD 346 per square foot) on average.

Monthly rents in Coral Gables and Key Biscayne range from USD 29 to USD 35 per sq. m. (or USD 2.8 to 3.2 per square foot), whereas in Aventura, monthly rents range from around USD 18 to USD 20 per sq. m. (USD 1.7 to USD 1.9 per square foot).

Round trip transaction costs are moderate in the US, but higher than necessary due to high realtor costs Property transaction costs analysis for the US and Property transaction costs in the US, compared to Canada


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