News Column

Asking Rent Climbs, Price per Square Foot Falls in New York City, Reports RentJuice Rent Index

Apr 11 2012 12:00AM

Marketwire

Tracker

NEW YORK, NY -- (Marketwire) -- 04/11/12 -- With a seven percent increase in asking rent, but a three percent decline in price per square foot, the third quarterly RentJuice Rent Index for New York City indicates changing inventory and values renters are assigning to neighborhoods in The Big Apple. The analysis was today released by RentJuice, which offers lease marketing technology to thousands of real estate property managers and brokers.

Favorite NYC Neighborhoods Price Dip

New Yorkers may be surprised to hear that several trendy neighborhoods are decreasing in average asking rent, particularly with a concurrent decrease in the availability of the ever-popular studio (-15%). The Upper West Side (-7%) and East Village (-8%) experienced a decline in rents. But just around the corner, asking rent steadily increased in the Lower East Side (9%) and Upper East Side (7%), hovering around the city's overall average rent increase (7%). Renters looking to rent in The Big Apple will be thankful to hear that the cost for space in the city is slowly decreasing (-3%, price per square foot), especially in several popular neighborhoods. The Lower East Side (-3%), the Upper West Side (-3%), and the East Village (-8%) are among the areas where square footage is becoming more affordable.

"Examining the numbers since the launch of the NYC Rent Index in October of 2011 reveals that New Yorkers' preference are changing, yet confirms that the City's rental market remains strong and vibrant," said RentJuice CEO David Vivero. "RentJuice is striving to help real estate professionals efficiently manage the flood of demand for rental properties by streamlining the industry's way of doing business with the most advanced technology available."

Brooklyn Is Movin' On Up

Renters in Brooklyn should expect to start spending a little more on rent, according to data from the first quarter of 2012. Now one of New York City's most desirable neighborhoods, the numbers are proving the demand for Park Slope, which saw a drastic increase in asking rent (18%) since the end of 2011. This choice neighborhood also led the way with the largest increase in price per square foot (30%) across the City. Other Brooklyn neighborhoods are experiencing hikes in asking rent since the fourth quarter, as well. Landlords in Williamsburg (12%), Brooklyn Heights (23%) and Greenpoint (10%) are rejoicing, seeing large increases in rent. In contrast, well-known neighborhoods in Manhattan took surprising downturns; Gramercy (-29%), Central Park South (-26%) and Union Square (-12%) took a dive in rents this quarter. In Queens, popular Astoria dropped in asking rent by two percent.


Brooklyn: Change in Average Asking Rents, Q4 2011 to Q1 2012---------------------------------------------------------------- Neighborhood Q4 2011 Q1 2012 Percent Change---------------------------------------------------------------- Brooklyn Heights $4,058 $4,974 23%---------------------------------------------------------------- Park Slope $3,013 $3,547 18%---------------------------------------------------------------- Williamsburg $2,536 $2,847 12%---------------------------------------------------------------- Greenpoint $3,111 $3,424 10%---------------------------------------------------------------- Average, NYC Overall $3,780 $4,054 7%----------------------------------------------------------------




Renter Tips: Walkability & Affordability

Almost every resident of New York City conquers the town on two feet, making walkability a key consideration during their rental search process. In most NYC neighborhoods, walkability comes with a higher price tag -- and it's not surprising that renters would pay more for this convenience in a city like The Big Apple where time is a top commodity and traffic is a challenge to avoid. But the RentJuice Rent Index found that renters looking for walkability don't always have to pay a steep price. While the neighborhoods Bowery (99.4), the East Village (99), the Lower East Side (99), the Financial District (98.5), and Kips Bay (98.4) have some of the highest walk scores, they also have asking rents lower than the city's average overall ($4,054).

The RentJuice Rent Index is included as a benefit to all RentJuice users. The whitepaper and data tables are available for download at: http://info.rentjuice.com/NYC-Rent-Index-Q1-2012.html

RentJuice is an online platform that allows property managers and landlords to instantly share their availabilities with partner companies for free to shorten vacancies and improve communication. The Company also offers a paid upgrade that provides agents, brokers and leasing offices a "virtual rental office," available from a browser, iPhone or iPad. From powering a leasing agent's Facebook page and WordPress website to offering outsourced data entry and automatic ad syndication to dozens of consumer websites such as HotPads, Zillow and Trulia, RentJuice makes every step of the rental marketing process simpler.

About RentJuice
RentJuice was founded in 2009 by CEO David Vivero -- recently named to the Forbes 30 Under 30 in Real Estate list -- and CTO Kunal Shah and is led by a team that has helped grow companies like TripIt, HubSpot, Vimeo and CollegeHumor. The Company pioneered the online software category Rental Relationship Management (RRM) and currently serves the Boston, Chicago, Miami, New York and San Francisco markets.



For more information contact:
Lauren DuBois
(917) 573-2485
lauren@rentjuice.com





Source: Marketwire


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