Reis, a company that analyses real estate trends, has put out new numbers on vacancy and rent for apartments by metro area. Though you need to be a Reis customer in order to gain full access to the report, Reuters and the Wall Street Journal summarize the report with a focus on the metro areas with the highest rents. Since I am a graduate student and not a real estate tycoon, I cannot afford to look at Reis’ market report. So all of my information is coming from the popular media.
New York City remained the most expensive market. Average rents for the city’s four largest boroughs – Manhattan, Queens, Brooklyn and the Bronx – rose 1 percent to $3,017.19 a month, the first time the average rent topped $3,000 since Reis began collecting data in 1980….The average New York rent was more than 50 percent higher than second-place San Francisco, where rent grew 1.1 percent from the first quarter to $1,998.82. Oklahoma City was the cheapest market, at an average of $571.03 a month, up 0.6 percent.
At first glance, the idea that the average rent in New York (not including Staten Island) is about $3,000 boggles the mind! How does anyone who isn’t a millionaire afford to live in New York? The answer to that question becomes apparent when you consider what the average rent means…