NYC rents inch further north of $3,000 mark

Queens saw biggest quarterly jump

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.

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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