Streams

NYC Economy Is Growing, and So Are Rents

Thursday, August 14, 2014

New York City's economy expanded by 3.1 percent in the second quarter, thanks to a jump in personal income and strong job growth, according to statistics released Thursday by the city comptroller's office.

The city had its strongest quarter since the fall 2013, but it lagged behind the nation, which saw 4 percent growth.

Unemployment stayed put at 7.9 percent — a five-year low — despite tens of thousands of jobs added, largely in leisure and hospitality, education, and health care.

Meanwhile, an analysis of new figures from real estate firm Douglass Elliman shows rents in Manhattan, Brooklyn and Queens continued to rise in July.

In Manhattan, the median rent for an apartment is now $3,205 a month, the highest level in six years. In Brooklyn, rents have been getting more expensive for 14 months straight. Median rents are $2,825 dollars a month.

Queens remains the most affordable of the three boroughs, but prices have been steadily rising. Median rents in places like Astoria and Long Island City are $2,646 a month.

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Comments [5]

And the higher the rent the higher the broker's commission.

Aug. 19 2014 05:52 PM
Camille

FYI Brokers don't set rents. Landlords set prices and brokers help tenants find apartments and help owners find qualified tenants.

Aug. 16 2014 10:58 AM

"new figures from real estate firm Douglass Elliman" IF this is reporting THEN you owe it to your readers to divulge that Elliman's "figures" are culled from neighborhoods of their choosing (From the actual report: "Note: The Brooklyn rental market analysis is comprised of transactions in the north, northwest and east regions of the borough") Williamsburg, Park Slope, etc. Essentially what WNYC is doing here is assisting Elliman in charging higher rents. A potential tenant hears "higher rents in Brooklyn" and will then consent to paying higher rents. More like shilling than reporting.

Aug. 14 2014 09:06 AM
Tom from Manhatan

Elliman's report's are usually good. And since median means that 1/2 of the rents were above the given number and 1/2 were below, there are obviously places in all boros where rents are far lower than the median.

Aug. 14 2014 07:58 AM
Michael Zullo from Upper Eastside, Manhattan

Good article, Daniel. However, not good news for blue collar workers or should I say the 99%. According to the article: "In Manhattan, the median rent for an apartment is now $3,205 a month, the highest level in six years. In Brooklyn, rents have been getting more expensive for 14 months straight. Median rents are $2,825 dollars a month."

That's a lot of money most likely on top of having to dig deeper into your pocket for cable TV, electricity, gas, telephone - if it's not included in the monthly rental fee. But location is a major factor.

So, we are in the dark regarding the "analysis of new figures from real estate firm Douglass Elliman." Are these locations the Upper East-side - Park Slope?

A check at the streeteasy.com web site shows many lower different figures and some very good Manhattan, Brooklyn and Queens locations not necessarily Upper East-side Manhattan.

Maybe, you should look into areas in the Big Apple where affordable rents aren't in the bracket you report from Douglass Elliman. Maybe, you'll find more affordable rents for us struggling New Yorkers to report to us.

Aug. 14 2014 07:51 AM

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