Expansion of luxury residential rental market across the Rivers according to Bruce Sturman of Maxal
With Manhattan rents continuing to rise, Brooklyn and Queens and Gold coast of New jersey experienced a surge of new rentals during the month of July, according to Bruce Sturman of The Maxal Group .
In Manhattan, the median rental price last month rose 5.4 percent to $3,205, its highest July level in six years, according to the report, which was released today.
“Anyone who is looking for an apartment is really not capturing value and a full service building ,” said Bruce Sturman of Maxal.
In Manhattan, the average rental price in July was $4,022, a 5.2 percent increase from the prior year period. Meanwhile, the number of new rentals increased 7.2 percent to 4,938, a reflection of the busy summer season. And the vacancy rate dropped to 1.82 percent – the lowest July vacancy rate in five years – while the listing inventory dropped 4.4 percent to 5,690 available units.
In Brooklyn and Queens and the Gold Coast New Jersey, median rents also continued to climb.
Brooklyn’s rental prices in July were just $353 lower than Manhattan, down from $500 in June, and the median rental price rose 6.6 percent to $2,852.
The number of new Brooklyn rentals skyrocketed 127 percent to 892 – a reflection of tenant’s resisting the price increases sought by landlords at the time of renewal.
In Queens, new rentals surged 136 percent to 203, and in particular, they did so in new development buildings. One out of four new rentals was located in a new building, according to the report. Overall, Queens’ median rental prices rose 10.5 percent to $2,646.
With the exception of apartments with three or more bedrooms, studios experienced the highest year-over-year price increases.