The Northeast and Midwest continue to outperform the country in rent growth over the short term, led by New York City, according to the latest Yardi Matrix National Multifamily Report.
The Big Apple not only led major metros in rent growth over the last year at 5.4% but at 0.6% also was the top performer during February at 0.6%. New Jersey (3.8%), Columbus (3.6%), Kansas City (3.3%), and Chicago (3.1%) were other top performers.
Despite having among the highest rents in the country— the average rent is $4,829 in Manhattan, $3,593 in Brooklyn, and $2,346 in New Jersey—the rent-to-income ratio is relatively low in those markets.
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