source: RentJuice
Asking rents in New York City continued to rise in the fourth quarter, countering the typical seasonal decreases that other major cities like Boston and Chicago experienced, according to a report released today by online rental firm RentJuice.
Taking into account various apartment sizes, New York City rents increased 1 percent over the third quarter to $3,299. By comparison, rents decreased 1 percent to $1,961 and 4 percent to $1,366 in Boston and Chicago, respectively.
The report noted that in the fourth quarter the city’s rental availability gravitated towards one-, two- and three-bedroom units, while studios have become scarcer, perhaps reacting to last quarter’s shortage of two-bedroom units. Overall, this increases average asking rent but puts downward pressure on rent per square-foot, according to RentJuice.
Average asking rents in Vinegar Hill rose 27.6 percent, more than any other New York City neighborhood, followed by Chinatown and Central Park South where asking rents gain 15 and 14.6 percent. On a rent-per-square-foot basis, Soho (23 percent), Noho (23 percent) and Flatiron (21 percent) had the steepest inclines while Hamilton Heights (37 percent), Flatbush (24 percent) and Boerum Hill (22 percent) fell furthest.
Among all New York City neighborhoods, Central Park South had the highest average asking rent per square-foot in December at $6.91, while Far Rockaway had the lowest at $1.56. – Adam Fusfeld
