News
TACKLING UWS RENTS
October 3, 2011
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| The Upper West Side apartment market could teach Jets coach Rex Ryan a thing or two about how to come out on top, says Reis analystMichael Steinberg: Year-over-year asking and effective rents in New York's priciest submarket have grown for four consecutive quarters. The $4,122 current asking rent increased 0.91% from last quarter (and 1.2% from Q2 '10). The $3,972 effective rent is up 1% from last quarter and 1.5% year-over-year. Rents are expected to grow this year: 2.4% (for asking—down 210 bps from '10) and 3.2% for effective (down 110 bps). Forecasts for '11 and '12 show effective rent growth outpacing asking rent growth, implying tightening concessions and greater bargaining power for landlords. |
