Rent

Average rent jumped 8.4 percent in Queens, topping the nation’s largest cities

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August rents rose nationally at their fastest pace in 18 months, and Queens led the way with the largest increase among the country’s large cities, according to a new report from RentCafé.

The New York City borough registered an 8.4 percent spike year over year, for the month, with an average rent of $2,342. Comparatively, Brooklyn saw a 3.9 percent increase, with the average rent reaching $2,801 for the month.

Manhattan’s market saw only a 1.9 percent increase over August 2017—the third slowest growth rate for large cities in the report—but the average rental is going for a steep $4,119, topping the list once again as the country’s most expensive city for renters.

On a national level, the average rent for the U.S. rose 3 percent year over year to $1,412. For large cities, Phoenix (6.8 percent) and Las Vegas (6.2 percent) saw the second and third largest increases.

The biggest growth was seen in the small cities covered in the report. Texas claimed the top two fastest growing spots with Midland (31.9 percent) and Odessa (30 percent), for increases of more than $300 per month for each city. Rounding out the top three is Reno (11.3 percent).

RentCafé used data compiled from actual rents charged in 252 cities provided by Yardi Matrix, an apartment information service and a sister division of RENTCafé.

 

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