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
Equity Residential chairman Sam Zell (Getty, iStock)
Sam Zell’s Equity Residential reports recovery in rental occupancy
Sam Zell’s Equity Residential reports recovery in rental occupancy
NAA president Robert Pinnegar (iStock, NAA)
Landlords sue federal gov’t over rental losses during CDC eviction ban
Landlords sue federal gov’t over rental losses during CDC eviction ban
Loan surge at NYCB points to recovery of multifamily market
Loan surge at NYCB points to recovery of multifamily market
Loan surge at NYCB points to recovery of multifamily market
Gov. Andrew Cuomo (Getty, iStock)
Cuomo vows to speed rent relief after pressure from Schumer
Cuomo vows to speed rent relief after pressure from Schumer
Gov. Andrew Cuomo (Getty, iStock)
NY rent relief rollout slowly inches forward as evictions loom
NY rent relief rollout slowly inches forward as evictions loom
Eric Adams (Getty, iStock)
City program could supplement state rent relief — if next mayor signs off
City program could supplement state rent relief — if next mayor signs off
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
The summer months tend to heat up the rental market but victims of rental scams lose the most money in the summer (iStock)
As summer heats up, so do rental scams
As summer heats up, so do rental scams
arrow_forward_ios

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

Loading...