The Real Deal New York

Queens posts highest rent increase in US

A weekly feature bringing you the industry's latest intel
By Christian Bautista | August 02, 2018 01:30PM

LeFrak City apartments in Queens (Credit: LeFrak Organization)

Queens registered the highest rent increase in the country and U.S. construction activity dropped 1.1 percent in July, according to this week’s market reports.

Residential

Rentals | RentCafe

Queens posted the highest rent increase in the country. The average rent in the borough grew by 8.3 percent year over year to $2,342 in July. The borough outpaced contenders such as Phoenix (6.2 percent) and Las Vegas (6.4 percent). Manhattan, meanwhile, registered a 1.7 percent increase to $4,119. That’s slower growth than the national average of 2.8 percent. Read the report here.

Sales | CityRealty

The average sales price in Manhattan dropped by 13.6 percent in the four weeks leading up to July 1. For the period, the average sales price in the borough stood at $1.9 million, down from $2.2 million during the previous month. The decline in pricing coincided with robust sales figures. There were 957 recorded sales in the borough, up from 923 deals during the previous month. The most expensive sale was PH 3/4 at the Walker Tower, which sold for $31 million. Read the report here.

Commercial

Construction Spending | U.S. Census Bureau

Total construction activity in the U.S. was valued at $1.3 trillion in July, down 1.1 percent from the previous month. Private construction accounted for $1 trillion of the total figure, with the majority of projects classified as residential. Public construction activity, meanwhile, stood at $297.4 billion, with the majority of the projects initiated by state and local authorities. Read the report here.