For the first time, the average rental rate in New York City rose above $3000, according to the Wall Street Journal.
In the second quarter, the average rent in the Big Apple (excluding Staten Island) was the highest in the US at $3017 – an increase of 1% over the first quarter and almost $2000 above the national average of $1062. Compared to Manhattan, rents are relatively low on Long Island and in New Haven, Connecticut at $1614 and $1139, respectively.
It’s a simple matter of supply and demand. The available inventory is extremely low. At only 2%, the vacancy rate is less than half that of the national average of 4.3%.
20,000 units are expected to come onto the market by 2015. But for now, real estate brokers are advising clients to take their financial paperwork with them when touring a property so they can snap it up quickly and not lose out to the next prospect.