DALLAS, TX--(Marketwired - November 19, 2014) - The Tri-State area's apartment market -- with one exception -- experienced significant annual effective rent growth in October 2014, riding against the historical trend of decline during the fall months.
Data from Axiometrics, the leader in apartment market research and data, found 3.3% rent growth in the New York-Wayne-White Plains Metropolitan Division in October, up 74 basis points (bps) from September's 2.5% and 252 bps from the 0.7% of October 2013. In dollar figures, the average New York renter is paying $3,386 per month, $145 more than the $3,241 charged one year ago.
Occupancy, at 97.4% is the highest monthly rate since Axiometrics began reporting monthly in April 2008.
"High occupancy and decent job growth are allowing New York landlords to push rents," said Stephanie McCleskey, Axiometrics Vice President of Research. "Premium new supply in the market also brings the rents up."
Most suburban markets also experienced strong rent growth. The Nassau-Suffolk Metropolitan Division on Long Island has had a roller-coaster year. October annual effective rent growth was 2.7%, 123 bps above September's 1.5%, but just 17 bps above the 2.5% of October 2013. Since then, rent growth has been as high as 3.3% in May and as low as -2.7% in January. The average monthly rent on Long Island was $2,098 in October.
The Edison, NJ, metro has also been up and down, ending October at 3.9%, a 111 bps increase from September's 2.8%, yet just 12 bps from the 3.8% of October 2013. Edison average rent was $1,330 in October.
The Bridgeport-Stamford-Norwalk Metropolitan Division continued its six-month streak in negative territory, but increased to -1.0% in October from -2.9% in September. The October rate is still down 299 bps from the 2.0% of October 2013.
The one area experiencing decreased rent growth in October was the Newark-Union Metropolitan Division, which fell 160 bps from 4.1% in September to 2.5% in October. However, October's rate is up from 1.9% in August, which may mean September's rate was an anomaly. Newark rents averaged $1,614 in October.
About Axiometrics
Axiometrics improves property and portfolio performance for apartment investments. Confident investment decisions begin with reliable, timely information. No one has more accurate, detailed, and up-to-date research on the apartment and student housing markets. Learn more at www.axiometrics.com or by calling 214-953-2242.
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Contact Information:
Contact:
Ross Coulter
214-394-5538
ross@mpdventures.com
