Average NYC rent breaks $3,000 barrier for the first time

New York /
Jul.July 09, 2013 08:30 AM
 

New York City’s average rental rate inched past the $3,000 mark for the first time in the second quarter, according to New Market Data Reviewed By The Wall Street Journal.

Rents in the city – excluding Staten Island – rose 1 percent from the first quarter to $3,017, the highest in the country and nearly $2,000 more than the national average of $1,062, according to data from real estate research firm Reis.

In comparison, Long Island’s monthly average rent is $1,614 and New Haven, Conn., comes in at $1,139.

The rental hikes stem from an extremely tight inventory. The numbers show a vacancy rate of  2 percent; the national average is 4.3 percent.

On the upside, more than 20,000 units are expected to hit the market in New York City and its suburbs by 2015, Luis Mejia, CoStar Group’s director of multifamily research, told the Journal.

The current shortage  has led brokers to advise clients to act quickly and to carry their financial paperwork on apartment tours so they can make a deal on the spot.

“I take them to show another property, [and] we’re wondering if it won’t be rented by the time we get back,” Ed Azrilyan, owner of Chartwell F.H. Realty in Queens, told the Journal. “There’s no time to mull things over in this hot rental market.” [WSJ]Hiten Samtani


Related Articles

arrow_forward_ios
Zillow CEO Rich Barton (Illustration by The Real Deal)

Zillow is now charging for rental listings

Zillow is now charging for rental listings
CHIP executive director Jay Martin (iStock)

Rent-stabilized tenants owe landlords more than $1B

Rent-stabilized tenants owe landlords more than $1B
Cea Weaver (Photos via Twitter; Getty; iStock;)

How a socialist on City Planning Commission would affect real estate

How a socialist on City Planning Commission would affect real estate
John Catsimatidis (Getty)

John Catsimatidis wants to add three more rental towers in Coney Island

John Catsimatidis wants to add three more rental towers in Coney Island
Open New York's Will Thomas and Kyle Dontoh (Photos via Getty; iStock: Open New York)

Outsiders for years, NYC yimbys move into mainstream

Outsiders for years, NYC yimbys move into mainstream
Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty)

Worst of the worst: The real estate disasters of 2020

Worst of the worst: The real estate disasters of 2020
Mayor Bill de Blasio (Getty; iStock)

City formalizes push for security deposit alternatives

City formalizes push for security deposit alternatives
Clockwise from left: Richard LeFrak, Related chairman Stephen Ross, A&E's Douglas Eisenberg, Cammeby’s International Group founder Rubin Schron and Blackstone president Jonathan Gray (Getty, iStock)

These are NYC’s largest rental landlords of 2020

These are NYC’s largest rental landlords of 2020
arrow_forward_ios

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

Loading...