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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zillow Group Inc | NASDAQ:Z | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.99 | 3.86% | 53.6329 | 53.62 | 53.65 | 53.78 | 51.88 | 52.00 | 1,059,889 | 16:04:47 |
NEW YORK, May 24, 2018 /PRNewswire/ -- Ahead of peak rental season, apartment shoppers can expect to see slightly higher rent prices than last year, particularly in areas with lower-priced homes, according to StreetEasy's April 2018 Market Reportsi. However, those searching for rentals at higher price points and in areas of the city with large quantities of new development are likely to have greater negotiating power.
In Manhattan, rents increased in all submarkets, and rose 0.9 percent borough-wide to $3,159 per month, according to the StreetEasy Manhattan Rent Indexii. In Upper Manhattan, where rents are the lowest of any submarket in the borough, rents increased the most: up 3.0 percent to an all-time high of $2,313.
The StreetEasy Rent Index in Brooklyn also rose year-over-year and is up 1.3 percent (or $33) to $2,559. North Brooklyn was the only submarket where rents did not increase; prices there remained unchanged since last year. In Queens, rents declined for the seventh straight month and are down one percent (or $18) since last year to $2,109, driven in large part by large volumes of new construction in Long Island City and Flushing.
"With the city's economic growth continuing to outpace national growth, demand for affordable homes is pushing up rents at a time when many New Yorkers are thinking about whether to sign new leases or renew their current ones," said StreetEasy Senior Economist Grant Long. "Even with large amounts of new rental construction, renters should expect rising rents in some of the most affordable pockets of the city, though will still be in a better position amid a generally weak market relative to recent years. Moreover, landlords in parts of the city like Downtown Brooklyn, Long Island City, and Midtown are open to negotiation and willing to offer concessions and free perks."
See below for additional sales and rental market trends across Manhattan, Brooklyn and Queens.
April 2018 Key Findings — Manhattan
April 2018 Key Findings — Brooklyn
April 2018 Key Findings — Queens
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed at streeteasy.com/blog/research/market-reports/. Definitions of StreetEasy's metrics and monthly data from each report can be downloaded at streeteasy.com/blog/download-data/.
About StreetEasy
StreetEasy is New York City's leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey.
Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are a monthly overview of the Manhattan and Brooklyn sales and rental markets. Every three months, a quarterly analysis is published. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan and Brooklyn, with most metrics dating back to 1995 in Manhattan and 2005 in Brooklyn. The reports are compiled by the StreetEasy Research team. For more information, visit http://streeteasy.com/blog/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan and Brooklyn.
ii The StreetEasy Rent Indices utilize a similar methodology to the StreetEasy Price Indices and include only valid and verified listings from StreetEasy. By employing a repeat-rentals approach, the indices emphasize the changes in rent on individual properties and not between different sets of properties. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
iii The StreetEasy Price Indices track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Levels of the StreetEasy Price Indices reflect average values of homes on the market. Data on the sale of homes is sourced from the New York City Department of Finance. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
View original content with multimedia:http://www.prnewswire.com/news-releases/strong-demand-pushes-up-rents-ahead-of-peak-rental-season-300654172.html
SOURCE StreetEasy
Copyright 2018 PR Newswire
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