July 24, 2017
Renters in the New York metropolitan area are still paying less for apartments than they were one year ago, according to the latest report from Axiometrics, a RealPage company.
“The New York market continues to be affected by the extreme amount of new supply coming to the market,” said Jay Denton, vice president of analytics for Axiometrics. “However, May’s job growth increase may show a light at the end of the demand tunnel for New York apartments.”
New York renters paid a monthly average of $2,980 per unit in June, $22 more than they paid in May. However, the average rent was $23 less than the June 2016 average of $3,003. The metro’s rent growth of -0.8% marked the 11th month in the past 12 the rate has been negative.
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