YOY Rental Prices Continue to Increase

According to the latest Elliman report, compared to last month in June, prices seem to be decreasing. Don’t get too excited just yet though, because although there was a slight decrease between these past two months, July’s overall rents are the highest they have been in the past six consecutive Julys.

The average rental price in June 2014 was at $4,079 and in July 2014 it was at $4,022. There was a 1.4% decrease, but overall things are moving up. The average rental price per square foot in June was at $52.52, while in July it decreased down to $50.80. That decrease was slightly higher than the average rental price by cutting down 3.3%. The median rental price has decreased 2.9% from June to July, the prices at $3,300 down to $3,205.


Although just a slight decrease, from those numbers we see a number of new rentals within the month change and less days on the market. The number of new rentals from June to July this year increased from 4,158 to 4,938; an increase of 18.8%. The number of days on the market from June to July decreased 12.2% from 49 days to 43 days.


The numbers from the month’s change have had some minor positive effects, but when you take a look at how the numbers changed within the past year, New York City is continuing to get more expensive. The average rental price from July 2013 to July of this year has increased 5.2% from $3,822 to $4,022. The rental price per square foot only increased about 0.1% within the year, but the median rental price has increased 5.4% within the year.


In terms of what kind of homes are facing what kinds of increases or decreases, within the past month, studio and one-bedroom apartments seem to be facing the same kinds of minor decreases in price. The main difference was the rental price per square foot between studio and one-bedroom apartments. Within the past month, the price per square foot for studios increased a total of 6.8% while the price per square foot for one-bedrooms has decreased 0.7%. In terms of the two apartments in a years time, the prices have all increased at least 0.3%.