NEW YORK CITY-In a real estate report released today, real estate research firm Reis states that New York City is the only market of 79 nationwide to have average apartment rates top $3,000 a month.
Reis reports that the average monthly rental rate for New York City apartments in the third quarter rose 0.9% over the last three months to $3,049 a month. The third quarter average is 2% higher than the same period a year earlier, according to the Wall Street Journal. The national average monthly apartment rate for the third quarter was $1,073.
Developers are trying to keep pace with the intense demand in New York City and its surrounding suburbs. More than 24,000 units are expected to become available in New York City and the outlying suburbs between 2013 and 2015, according to Luis Mejia, director of multifamily research for the CoStar Group. See story in the Wall Street Journal.
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