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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 residential prices have risen significantly over the past year. Apartments in the Upper East and Upper West sides of Manhattan cost on average USD 18,000 to USD 27,000 per square metre (sq. m.) (or USD1,673 to USD 2,509 per square foot). In lower Manhattan - Chelsea, Greenwich Village, Sho and Tribeca, apartments tend to be more expensive, with prices per sq. m. ranging from around USD 21,000 to USD 34,000 (or USD 1,952 to USD 3,160 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 (= USD 1,291 square feet) costs around USD 18,500 per sq. m., (or USD 1,719 per square foot) whereas a 200 sq. m. (= 2152 square feet) apartment costs USD 23,000 per sq. m. (or USD 2,138 per square foot), on average.

In Lower Manhattan, a 120 sq.m. (= USD 1,291 square feet) apartment costs around USD 22,000 per sq.m. (USD 2,045 per square foot), whereas a 175 sq. m. (= 1,883 square feet) apartment costs around USD 27,600 per sq.m (USD 2,565 per square foot).

Monthly rents in Upper Manhattan range from USD 52 to USD 77 per sq. m, (=  USD 4.83 to 7.15 per square foot) whereas in Lower Manhattan, monthly rents range from USD 63 to USD 73 per sq. m. (= USD 5.85 to 6.78 per square foot). Upper Manhattan apartments return rental yields of around 4%, 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 7.7% to around 9.4%. 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 9.65% rental return, and 120 sq. m. apartments earning 10.3%.   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 3,100 to USD 6,600 per sq.m.  (or USD 288 to USD 6,14 per square foot).  In Aventura prices per sq. m. of condos and townhouses range from USD 2,600 to USD 4,000 (or USD 242 to USD 372 per square foot) on average.

Monthly rents in Coral Gables and Key Biscayne range from USD 25 to USD 34 per sq. m. (or USD 2.30 to 3.25 per square foot), whereas in Aventura, monthly rents range from around USD 18 to USD 19 per sq. m. (USD 1.67 to USD 1.76 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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Manhattan Residential Market Report Q4 2013 - Brown Harris Stevens
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