For the fifth straight month, NYC’s average effective apartment rent is down, according to a report prepared by Axiometrics.
“The tide turned in New York last year, with new supply exceeding demand for only the second time in the past seven years,” says Axiometrics VP of research Stephanie McCleskey.
While NYC’s job growth—among the biggest drivers of rent—is still above the national average at 2.4% this February from a year earlier, Stephanie says it’s likely to dip below the national average in the coming years.
Axiometrics SVP of research Jay Denton tells us that a big part of the story is a coming surge of supply. Last year saw about 7,100 units deliver in the NYC-Jersey City-White Plains metropolitan statistical area. That’s a number that’ll be topped this year just in Q2 alone.
