Skip to comments.Average city rent passes $3,000 while home prices soar in Brooklyn and Queens
Posted on 07/11/2013 2:05:56 PM PDT by lowbridge
The average monthly apartment rent in the city has soared past $3,000 for the first time, and the scarcity of housing is driving home hunters out to suddenly pricey Brooklyn and Queens, new reports on the super-tight market show.
In contrast, the average national apartment rent is $1,062, a little more than one-third the average city rent of $3,017 excluding Staten Island, according to Reis Inc., a real-estate research firm.
Second-place San Francisco isnt even close, at a mere $1,998.82 a month.
Residents who feel priced out of Manhattan may soon be priced out of the five boroughs altogether.
Median sales prices for Brooklyn homes rose 15.3 percent in the past year to $550,000, a 10-year high, according to a new Douglas Elliman market report.
In Queens, the inventory of homes for sale is at an eight-year low, and the median price jumped 9.9 percent to $390,000.
As Manhattan gets stronger, the outlying areas are benefiting significantly, said Gary Malin, president of Citi Habitats. All areas in close proximity to Manhattan are building new buildings with fantastic amenities and a significant price differential.
The market is getting so tight that 300 people showed up at a recent open house for a single apartment in Brooklyn Heights.
(Excerpt) Read more at nypost.com ...
We were paying close to $3,000 back in 2008. Of course, we were in mid-town which, I guess, is a plus. Still, the toilet barely worked.
Well, that’s just nutty. I know many people think NYC is the only place on earth worth living in but c’mon! You couldn’t pay me to live there if I were a millionaire. But that’s just me. Others may differ.
I had the idea the other day that the statist types are all rushing for position around the Big Tit. EVERYBODY senses that something dark this way comes...
The Ben Bernanke effect.
” The Ben Bernanke effect.”
LOL...true. Wait until he pulls the plug : )
Bloomberg is getting the yuppie playground he envisioned.
Back when they tried to implement “congestion pricing” in lower Manhattan (which failed) I suggested that NYC fight its own wars rather than counting on the blood of people who can’t even afford the tolls into the city.
I’m barely ten miles from NYC (I can’t see it from my house, but I can with a 5 minute walk up a hill); I haven’t been there in over 10 years, and don’t intend to ever again.
Maybe in part. But see www.diehipster.com for the actual and immediate reason.
Concrete jungles-—no thanks. At least I can grow a garden out back in my totally paid for home. I do miss NY summer weather though. Much more milder than Tx scorchers. Otherwise, nyet! Who wants to be priced and taxed up the wazoo by deranged LIEberals up there.
I grew up there and moved out last year. Best thing I ever did. The place is nothing short of hell on earth, what I like to call “North Korea with food”. Everything revolves around “The Dear Leader”. Every parade, every event, every happening, all his edicts, his wants, his desires, The Dear Leader is everywhere front and center even in the privacy of your own $3000 a month apartment. Every New Years you would think The Dear Leader would let a kid with cancer or any kid for that matter drop the New Years ball, but NOOOOO the Dear Leader has to be front and center every single year. People may like to live like that, live like children being told what to do, what to eat, what to drink, if they are allowed to start a business, what they can own or not own, or how much money they can have but not me. So I moved, or escaped is a better word.
Doesn’t New York have rent control? Or at least some buildings have rent control? How can these prices be so high, if there are controls on the market price of rent?????
Not just NYC; hipsters make everywhere they tread unaffordable.
Heh; good website. “Fauxhemians”. I like that. Thankfully, we don’t have hipsters here in my little part of the world.
I guess he’s right:
Same here. AZ 130 deg temps keeps them far away.
E\Not even 60s hippies as a cultural movement, wreaked the destruction hipsters have. hey are OWSies to the core besides.
But Daddy’s money must be spent on something...you know...to help show the evils of capitalism.
Edit: “THEY are OWSies”
I would rather live in a hollow log in the Great Pee Dee river swamp than in New York City.
Pretty much. From what I read on the website, they’ve made large swaths of Brooklyn unaffordable for the people who live there. There’s a couple of districts in Prague that are like that, but that’s far from me. In Prague, it’s expats who’ve priced the locals out of the market.
Some of my Portland, OR friends e-mail me complaining about the hipsters up there doing much the same as they’ve done to Brooklyn, and yeah, hipsters are annoying. They’ve been around awhile; I remember ‘proto-hipsters’ in Portland in the mid-90s when I lived there, in the Pearl District before it was all gentrified. They were just as pretentious then as they are now. Trust-fund babies, mostly.