RentJuice Rent Index Reveals Effects of Changing Rental Inventory in New York City
CEO David Vivero Named to Forbes 30 Under 30 in Real Estate List, Slated to Speak at Real Estate Connect 2012
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 01/10/12 -- New York City's rental market evolved independent of trends in other major metropolitan areas over the last quarter, according to data from the second quarterly RentJuice Rent Index in New York City. The analysis was today released by RentJuice, which offers lease marketing technology to thousands of real estate property managers and brokers. Currently, more than sixty percent of currently available rental listings in New York City are being shared via RentJuice's online platform.
Renters in some major metropolitan areas, such as Boston and Chicago, are finally catching a break with rental prices; New Yorkers, unfortunately, aren't so lucky. Average rents continue to climb in NYC amidst fewer single occupancy availabilities.
The Rent Index takes into account changes in the number of options available to renters in today's market. For example, swings in the availability of studio apartments versus three bedrooms affect average asking rent for each configuration. As of the end of 2011, there were fewer studio apartments available in the New York City market compared to the end of Q3 2011.
Looking for space in The Big Apple's most popular neighborhoods? You can still find it -- for a price that keeps rising. New York City's rental availabilities have transformed over the last three months with a greater selection of one, two, and three bedroom units. This trend toward availability of larger units has driven average asking rent up and cost per square foot down.
Renters should be prepared to pay even more to live in the SoHo and NoHo districts, for example, than what was required at the end of Q3. These areas equally saw the highest increase in price per square foot at 23 percent over the last quarter. Other neighborhoods demanding more of New Yorkers' paychecks were the Flatiron District (21%), Crown Heights (18%) and Chelsea (16%). On the other side of the spectrum, the neighborhood with the greatest decrease in terms of price per square foot was Hamilton Heights (-37%). Other areas on the decline were Flatbush (-24%), Boerum Hill (-22%), the Upper West Side (-18%) and the Upper East Side (-17%).
Renters looking for the best selection of apartments can start hunting today. The majority of listings in the City are noted as being available immediately, with a smaller percentage of properties expected to become options over the next couple months. This contrasts with a city like Boston, where a high number of rental listings will not be available until April.
Neighborhoods like the East Village (55%), Nolita (80%), Williamsburg (55%) and TriBeCa (63%) offer notably high rates of immediate availability (during the first half of January 2012). Renters hoping to move to DUMBO may have to stand in line, with only 37 percent of rental units listed available now.
"The RentJuice Rent Index is so much more than a snapshot or survey of pricing data in New York City," said David Vivero, RentJuice CEO. "By tracking changes in the availability of real rental units in different neighborhoods and by specific configurations, for example, we can help shed light on all of the options available to aspiring tenants."
Vivero -- recently named to the Forbes 30 Under 30 in Real Estate list -- is in New York City this week discussing the Rent Index and RentJuice's growth. In addition to participating at Agent Reboot, he will be speaking at Real Estate Connect 2012 at 10:45am ET on Friday, January 13th during a session titled "Innovation in the Rental Market."
RentJuice is an online platform that allows property managers and landlords to instantly share their availabilities with partner agencies 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." 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 The New York Times, NakedApartments, Zillow and Trulia, RentJuice makes every step of the rental process simpler.
The RentJuice Rent Index is included as a benefit to all RentJuice users. The whitepaper and data tables are available for download at:
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, Market Leader, Vimeo and CollegeHumor. The Company pioneered the online software category Rental Relationship Management (RRM) and currently serves the Boston, Chicago, Miami and New York markets.
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Lauren DuBois
(917) 573-2485
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Datum: 10.01.2012 - 08:00 Uhr
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