The price of rental housing in new York continues to grow and beat the records

StreetEasy Market, the Agency has published a report on the status of the real estate market in new York, having concluded that the sales market continued to weaken in the first quarter of 2019, but rents across the city rose to a record level.

The StreetEasy index rents in Manhattan reached a new high and amounted to $3217 in Brooklyn — $2608 in Queens — $2173. Rents decreased in North Brooklyn on the background of excess reserves that have remained vacant due to the expected termination of movement of the L-train. Rents in the area fell 0.5% to $3061.

The price of rental housing in new York continues to grow and beat the Franzis/CC

As the report said, because rents rose, landlords were less likely to offer discounts on the asking prices. In all analyzed areas significantly reduced the proportion of owners to offer lower rents. «We come out of an unusually competitive winter season in which many tenants were in a weaker negotiating position than in past years, says a senior economist at StreetEasy Grant long. — This spring, the owners of the premises will prevail and tenants have to be willing to negotiate quickly, to make sure that you get the place that you want.»

The demand for rental housing is fueled by growth in the number of effective people. According to the analysis Scott Stringer, new York is in the midst of a ten-year extension. In the last quarter of 2018, employment in the city rose at the fastest pace in four years, adding 34 thousand jobs in the private sector. While more than half of them were in areas with low wages that is a sustainable trend and additionally affects the market rental housing in the affordable segment.