SOURCE: Axiometrics Inc.

Axiometrics Inc.

December 19, 2014 11:00 ET

NY-Area Rents Continue Growth Spurt

DALLAS, TX--(Marketwired - December 19, 2014) - The New York City and Long Island apartment markets are doing exactly the opposite of what they did late last year, as annual effective rent growth reached 21-month highs in November 2014.

The New York-Wayne-White Plains Metropolitan Division experienced 3.7% rent growth in November, the highest mark since the 4.9% of February 2013, according to Axiometrics, the leader in apartment market research and analysis. The figure was a 40-basis-point increase from the 3.3% of October and a 432-bps rise from the -0.7% of November 2013.

The average New York renter is paying $3,376 per month, $178 more than the $3,197 charged one year ago. The city's 97.2% occupancy, though 16 bps lower than October's 97.4%, is 78 bps higher than the 96.2% of November 2013.

The Nassau-Suffolk Metropolitan Division on Long Island saw an even stronger increase. The November rate of 3.3% represents a 58-bps increase from the 2.7% of October and a 183-bps rise from the 1.5% of November 2013. The growth is even more significant when compared to Long Island's -2.7% effective rent growth in January 2014.

Long Island's average rent of $2,122 was $133 higher than in November 2013.

"Some Northeastern markets are starting to shake the slump of late last year," said Stephanie McCleskey, Axiometrics Vice President of Research. "New York is helped by the strong performances in the outer boroughs, which are attracting high demand."

Among nearby metros, annual effective rent growth in the Newark-Union MSA ended November at 2.1%, down from the 2.5% of both October 2014 and November 2013. The average rent of $1,608 is a $60 decrease from a year ago.

The Bridgeport-Stamford-Norwalk MSA in Connecticut ended a six-month tenure in negative territory by recording 1.3% annual effective rent growth in November, a 225-bps increase from the -1.0% of October and a 129-bps rise from the 0.0% of November 2013. Average rent rose $118 in the past year to $2,271 in November.

Edison, NJ, rent growth remained steady at 3.9% in November, a 108-bps increase from the 2.8% of November 2013. Average rent was $1,326.

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