NEW YORK CITY-The latest data on apartment rents show that landlords hiked monthly rents an average of 0.7% in the second quarter, a notch above the 0.6% increase posted three months earlier.
Real estate research firm Reis Inc. of New York City, states in its report released today that a weak labor market and income growth is impacting the multifamily market nationwide.
The apartment vacancy rate was flat at 4.3% in the second quarter, unchanged from the first quarter, which is the first time the rate hadn't fallen since early 2010, according to the Wall Street Journal.
New York City's apartment market remains strong with rental rates increasing 2.6% to the nation's highest monthly rent at $3,017. The city's vacancy rate fell to 2% at the end of the second quarter.
"The demand is so high, we have two to three potential tenants for every available apartment," says Ed Azrilyan, owner of brokerage firm Chartwell F.H. Realty. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
