The Big Apple leads the nation in apartment rent growth, bolstered by high occupancy and limited supply. New York City saw multifamily asking rents rise 5.6% year-over-year in June, the highest growth rate among major markets in the U.S., according to a recent report by Yardi Matrix.
Manhattan’s overall average asking rent led the nation at $5,651 as of June, up 1.5% on a trailing three-month basis, while Brooklyn and Queens stood at $4,611 and $3,636, respectively. The overall average occupancy in stabilized assets was 98.2%, down slightly by 20 basis points year-over-year, pointing to continued strong demand across the metro.
Job growth in key sectors supported apartment demand, with professional and business services and education and health services gaining a combined 32,200 jobs through the 12 months ending in April. Yardi Matrix projects that New York City rents will end the year at 3.1% growth if current market conditions hold.
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