bloomberg global city housing affordability index

To see such a strong showing in July is not surprising, given peak leasing season is July and August for the year, he said. “For the past five months, rents in Manhattan have been setting records or were at near-record levels,” said Jonathan Miller, president and CEO of Miller Samuel.

Higher prices are pushing renters out of the market The median price for all apartments in Brooklyn was $3,950, up 16.2% from a year ago and the median price for rents in northwestern Queens was $3,641, up 15.7% from last year. The average and median prices hit records in the boroughs of Brooklyn and Queens in July, as well. Average rent for all apartments was $5,588. Only 9.3% of new rentals had sweeteners, while nearly 13% did a year ago.Īll the metrics for rent tracked in the report - including median rent, median rent inclusive of concessions and the average rent - hit record highs. Not only did median rents go up, but the amount of concessions - or incentives offered by landlords - continued to drop. A studio apartment rents for a median price of $3,200, up 6.7% from last year. Renters are being hit harder by inflation than homeownersĪ one-bedroom apartment in the borough had a median rent of $4,295, up 7.4% from last year while a two-bedroom apartment had a median rent of $5,200, up 4% from a year ago. A new residential apartment building are seen on Jin the Brooklyn borough of New York City.

Bloomberg global city housing affordability index