Multi-bedroom rental shortage in NYC

New York /
Oct.October 18, 2011 12:11 PM

New York City’s renters are racing for an increasingly limited supply of multi-bedroom units, according to an inaugural quarterly rental market report by RentJuice, with only 36 percent of listed New York City apartments containing two bedrooms or more.

The average price to lease a New York City home is $3,267 per month, but renters are paying $7,782 on average for a unit in west Soho, Manhattan’s most expensive area, RentJuice’s data shows. Other pricey neighborhoods include Tribeca, Central Park South and Battery Park City, which are have monthly rents averaging at $7,782, $5,151 and $4,159 respectively, according to the report.

If a renter is seeking multiple bedrooms, Brooklyn may be the obvious choice. In Carroll Gardens, 70 percent of rentals listed in the third quarter of 2011 had two bedrooms or more, compared to just 36 percent in New York City overall. Nearly 65 percent of listings in Williamsburg also had two-bedrooms or more.

The new report is relatively in line with what previous third-quarter market reports have shown.


Market reports released last week
by residential brokerages Prudential Douglas Elliman and Citi Habitats showed that the Manhattan rental market was strong in the third quarter. The average monthly rent for a Manhattan apartment increased 6.9 percent from the third quarter of 2010 to $3,491, Elliman data shows. — Katherine Clarke


Related Articles

arrow_forward_ios
Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
Canadian pensions, Asian wealth funds eye single-family home rentals
Canadian pensions, Asian wealth funds eye single-family home rentals
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
BHS CEO Bess Friedman, Sotheby’s CEO Philip White REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
Broker fee ban an “error,” court rules
Broker fee ban an “error,” court rules
New Jersey Gov. Phil Murphy (Getty)
NJ order tapping security deposits to pay rent is back in court
NJ order tapping security deposits to pay rent is back in court
Carl Heastie, Andrew Cuomo and Andrea Stewart-Cousins. (Getty)
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
Carl Heastie, Andrea Stewart-Cousins and Andrew Cuomo. (Getty)
Lawmakers near deal on $2B in rent relief
Lawmakers near deal on $2B in rent relief
(iStock/Illustration by Kevin Rebong for The Real Deal)
Investors increasingly compete with first-time buyers for homes
Investors increasingly compete with first-time buyers for homes
The price gap between median rent in Manhattan and Brooklyn shrank to $171 in November 2020. (iStock)
Brooklyn rents have nearly caught up with Manhattan’s
Brooklyn rents have nearly caught up with Manhattan’s
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...