New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC Tops U.S. Large Cities for Year-Over-Year Apartment Rent Growth
Over the past year, asking rents for apartments in New York City have grown faster than any other large U.S. city, city Comptroller Brad Lander reported Tuesday. According to the Zillow Observed Rental Index, August asking rents in New York City were 19% above August 2021 and up 10.7% in the past six months, compared to a national average of 12% annual growth.
Borough-level data show rents have fully recovered from the impact of the pandemic and are now surging fastest in neighborhoods that saw a drop in asking rents as the pandemic began, Lander said.
In addition to job growth, Lander said other factors that have contributed to the city’s pace of rent growth include high interest rates, migration and “pandemic churn,” remote work, housing supply—which he said has failed to keep pace with demand—and inflows of private capital into existing rental real estate.
- ◦Economy
