The Wall Street Journal reports that the average monthly rental rate in New York City broke the $3000 barrier in the second quarter of this year for the first time ever. With the exception of Staten Island, rents increased to $3,017 or 1% over the first quarter. That’s almost $2000 more than the national average, which real estate research firm, Reis, currently pegs at $1062.
Compare Manhattan’s average monthly rent to $1614 and $1139 for Long Island and New Haven, Connecticut, respectively.
Why so much? Inventory remains as tight as paper on the wall. The vacancy rate is 2%, compared to the national average of 4.3%.
More than 20,000 units are expected to go on the market by 2015. Until then, however, brokers are advising their clients to have their financial paperwork on hand when touring properties so they don’t miss out. He who hesitates in this super heated market really gets burnt.