The market for rental apartments in the New York metropolitan area has hit an all-time high, as apartment owners continue to seek buyers amid an economic recovery, according to real estate data firm Zillow.
The average selling price of an apartment in Manhattan’s most populated neighborhood has increased by nearly 17 percent since the start of the year, according an analysis of Zillows data by Bloomberg.
The benchmark New York apartment market is up about 9 percent from last year’s peak, with prices reaching an average of $1.1 million, up from an average price of $900,000 in October.
Prices have risen at a much faster pace in Queens, which has been particularly tough on renters, with a 12.4 percent increase in the average price, according the analysis.
Brooklyn’s most expensive apartment is now at $2.7 million.
Manhattan’s priciest apartment, priced at $1 million and up, is on sale.
In the past week, ZillOW’s analysis has shown that rents have risen in several parts of the city, from the Bronx to Brooklyn to Queens.
The median rent for a one-bedroom apartment in the Bronx rose 8.5 percent, to $1,971, according in the latest Zillower data.
The median rent in Queens rose by 8.1 percent, while the median rent overall rose by 4.7 percent.
In Manhattan, prices have risen for the past two weeks at an average pace of $3,800 a month, up 1.5 percentage points from last week.
In Brooklyn, rents have increased at a rate of 5.5 points a month over the past year, the analysis shows.
In Queens, rents are up at an annualized rate of 2.6 percent, the data shows.
In Queens, prices rose 2.1 points a year, on average, between the first quarter of 2016 and the second quarter of 2018, according data from Zillovision, a real estate analytics firm.