Six-Year Look Back: Comparing all average June rents over the past 6 years, 2012 surpassed 2007 rents by about 3% overall. Compaed to the low of 2009, rent growth has been 15%, starting with a slow increase of 2.2% entering 2010, and over 6% per year for the past two years.
One-Bedrooms Left Behind: During the downturn, one-bedrooms were hit the hardest as we saw those onebedroom renters being more price sensitive and flocking either to a studio or pairing up for a two-bedroom. This forced a quicker recovery of those unit types and thus studios and two-bedrooms have surpassed 2007 June rents by over 3% and one-bedrooms have surpassed the height by only 1.1%.
Two - Year Leases: Any renter up for renewal on a two-year lease will see average rent increase of 12.8% ($423/month) for all unit types when compared to average rents from June 2010. On average, two-bedrooms in non-doorman buildings went from $3,720 in June 2010, to $3,830 in June 2011, to $4,293 in June 2012, a 15.4% increase from June 2010.
Greatest Changes Since May:
Non-doorman studios – Greenwich Village – Up 5.2% ($126)
Non-doorman one-bedrooms – Gramercy - Up 6.1% ($174)
Non-doorman two–bedrooms – Chelsea – Up 2.0% ($105)
Doorman studios – Greenwich Village – Up 4.3% ($117)
Doorman one-bedrooms – Gramercy – Up 6.1% ($114)
Doorman two-bedrooms – Midtown East – Up 2.3% ($133)Magazine · Newspaper · Rental Market Report