NYC rents inch further north of $3,000 mark

Queens saw biggest quarterly jump

TRD New York /
Oct.October 02, 2013 09:40 AM

New York City rents jumped in the third quarter to $3,049 per month, up 0.9 percent from last quarter and up two percent year-over-year, according to a report from real estate research firm Reis. The city’s rents – the data excludes Staten Island — dwarf the national average, which is $1,073, and is the only national market tracked by the report that has rents north of the $3,000 mark.

Manhattan had the priciest average rent of $3,859, according to the Reis report seen by the Wall Street Journal. Rents in Queens jumped 5.6 percent quarter-over-quarter to $1,662, while Brooklyn rents jumped 1.5 percent to $1,721.

In one positive sign for renters, however, the city saw its inventory increase at least 0.9 percent in the quarter, while the vacancy rate increased 0.3 percent to 2.4 percent.

More than 24,000 units will become available in New York City and its suburbs between 2013 and 2015, Luis Mejia, director of multifamily research for the CoStar Group, told the Journal. [WSJ]  – Hiten Samtani

Related Articles

The massive meeting held in a suburban casino outside of Utica came at a time when the real estate industry is asking itself some tough questions. (Credit: iStock)

Meet the 400 landlords that are taking rent laws into their own hands

Olivia Gamber, the farmer-in-residence at Staten Island Urby’s Rabbit Garden

The Staten Island rental that’s luring in renters with tomatoes and hot peppers

The states with the biggest share of vacation rentals aren’t where you’d think

How NYC landlords are trying to get around the new rent law

(Credit: iStock)

Manhattan homebuyers continue “camping out” in the rental market: Elliman

441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

Meridian Properties buys pair of
rent-stabilized buildings for $35M

Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)

Benchmark looks to sell BK Heights rental building for $70M

From left: 278 Henry Street and 296 Sackett Street

Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling