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New York

Queens posts highest rent hike in US

A weekly feature bringing you the industry's latest intel

Queens apartments (Credit: iStock)
Queens apartments (Credit: iStock)

According to this week’s market reports, Queens rents rose by 8.4 percent in August and the number of housing permits in the city rose by 35.6 percent last year.

Residential

Rentals | RentCafe

Queens posted the highest rent hike in the country in August, registering an 8.4 percent year-over-year increase to settle at an average rate of $2,342. This was followed by Phoenix, Arizona, which had the second highest rent increase at 6.8 percent. Manhattan and Brooklyn also registered price hikes of 1.9 percent and 3.9 percent,respectively. The national average rent stood at $1,412, up 3.1 percent from the same month last year. Read the report here.

Rentals and Sales | NYU Furman Center

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The number of permits for new housing units across the city rose by 35.6 percent in 2017. During the period, permits were issued for a total of 20,599 new housing units. According to the report, 62.4 percent of the approvals were for buildings with 50 units or more. Only 9.4 percent were in buildings with one to four units. During the year, the number of units that received a certificate of occupancy also rose by 5.4 percent. Read the report here.

Commercial

U.S. Green Building Adoption Index | CBRE

Manhattan ranked seventh in the country in terms of green office spaces. The borough improved from its tenth place ranking last year. According to the survey, 46.7 percent of Manhattan office spaces now have green-building certifications. Manhattan also topped the survey in terms of highest percentage of buildings with Energy Star ratings at 28.5 percent. The figure is almost three times the national average. Read the report here.

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