A new study has put the rents for three New York neighborhoods on a par with New York City’s, even though rents in other areas have been rising.
The rent report, by the Urban Land Institute, found that the median New York rent in the city’s four boroughs has risen 5.4 per cent in the past 12 months compared with the same period last year.
That’s the most recent year for which there’s an available data set.
The median rent for a two-bedroom apartment in Brooklyn rose by 6.6 per cent, or $1,071, in the same time frame.
In Queens, the median rent rose 6.4 cent, by $821.
The city’s median rent was $2,000 in the year ended Sept. 30, up 1.7 per cent from last year, according to the institute.
But there are still many renters in the cities that are facing rent hikes, including in Manhattan, where the median rental cost was $1.75 per square foot in September, up from $1 in the previous year.
“What’s happening is that the market has really taken off, and that’s really pushing people out of the market,” said Peter W. Singer, an urban planning professor at New York University who helped produce the study.
“There are a lot of people that are leaving and are finding it’s not worth it.”
The report, which examined prices in the boroughs of Brooklyn and Manhattan, also found that rents in the suburbs of Brooklyn, Queens and the Bronx rose 6 per cent and 6.3 per cent respectively.
Rent increases in those areas are not a surprise.
The average rent in those suburbs is about half the citywide average.
But in Manhattan and Brooklyn, rents have risen at a rate of 3.5 per cent annually since the year 2000, according the institute’s report.
Renters in Queens, meanwhile, are paying more than the average rent for the same area.
In September, they paid an average of $2.29 per square feet for a one-bedroom unit in Queens.
That compared with an average rent of $1 per square yard in Manhattan.
And that’s on top of the average $1 they paid in Manhattan for a similar unit last year in Queens and $1 paid in Brooklyn for a single unit last December.
In Manhattan, the city has the fourth-highest rent increase among the cities in the country, behind only Seattle ($9.3 million), Los Angeles ($9 million) and San Francisco ($9m).
The median price of a one-, two- and three-bedroom rental in Manhattan is now $2 million, up 9.5 cents from last September, the institute reported.
In the Bronx, the average price of one- and two-bedrooms is now nearly $1 million, according.
In Brooklyn, the Bronx median price is $1-million, down 4.7 cents from $2-million a year ago.
The report also found prices in Staten Island, the borough where the city is located, are rising by 7.3 percent in the last 12 months, and prices in Queens are up 6.2 percent.
In all, rent prices increased in New England by an average 2.6 percent over the past year.
But the increases are still far below the average rate of inflation in the region, which rose 2.7 percent over that period.
“The reality is that rents have been going up, and they’ve been going on the rise in New Hampshire and New York and Pennsylvania and Maine,” said Mark Zandi, chief economist at Moody’s Analytics.
“We don’t see any signs of a recovery in the short-term, and if anything, they’re likely to continue to increase.”
Zandi says the housing market is already slowing in places like New York.
“If you look at New England, you see that in the long-term the market is probably slowing down,” he said.
The trend is likely to get worse if the housing recovery continues in New Orleans, where prices are set to increase by 7 percent over next year.
In Massachusetts, where there are about 9.8 million people in the state, the vacancy rate, or the percentage of residents who are not living in a home, is at an all-time high of about 25 per cent.
The vacancy rate for a Manhattan unit is now 11.9 per cent—higher than it was in 2009.
The rate in New Jersey, at 19.6, is also higher than the national average.
“New York City is doing well, but if New Jersey can’t make the same progress, then it’s going to be very difficult to recover,” said Paul Hirsch, director of research at the Center for Housing Studies at the City University of New York Graduate Center.
“And the state has had some pretty big issues in terms of the cost of living, the availability of affordable housing, and how to deliver those services.
It’s not going to get any