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New York Could Become the Most Expensive Rental Market in the US

San Francisco, now leading by only $40, could soon be overtaken. Meantime, Florida recorded the priciest multifamily sale of 2021

Times Square, Manhattan. (Photo Terry W. Sanders)

According to a recent report by Zumper.com, the median rent for a one-bedroom apartment in New York City is currently the second-highest in the United States, just $ 40 behind San Francisco, respectively $ 2,680 and $ 2,720. And beware, this approach could soon become a real overtake, given the higher growth rate expressed by New York City.

In support of this statement, the numbers come to the rescue. Taking a look at the data, we discover that by examining the median one-bedroom rent during June 2021. New York City shows a 4.3% month-over-month gain, which made the prices only 5.6% lower than in the same period last year, the exact figure for San Francisco instead is down 15% from the previous year.

One of the explanations could be that thanks to the influence of vaccines, the system is returning to a kind of new normal, closer to pre-pandemic standards.

“Thanks to the wide availability of vaccines for Covid-19, we are adapting to a new normal. Since the cities reopened, many employees who lost their jobs during the pandemic are finding employment again, allowing them to leave the family homes where they found hospitality.”

Another plausible hypothesis, to add to the previous one, is that the sales market is currently out of reach for many people, thus keeping some prospective buyers glued to the rental market; especially first-time buyers, new families looking for their first house. This fact would explain the trend in which two-bedroom rent growth is outpacing the rate of one-bedroom growth.

Here is the link to Zumper’s full report.

(source: patch.com, zumper.com)

 

$230M for Boca Raton apartments, the priciest multifamily sale of the year

Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital sold a new apartment community in Boca Raton to Atlanta-based Cortland for $230 million, marking the most expensive multifamily sale in South Florida this year.

But let’s take a closer look at what Crotland had bought: the residences at “Uptown Boca” were completed last year, and the complex consists of 456 units and seven buildings; making a quick calculation, we can estimate an average of about $ 504,000 per single unit. Units range from 718 square feet to 1,737 square feet and from one to four bedrooms.

According to the release, the Boca community includes a 24-hour gym and business center, cold storage, theater and lounge, rideshare lounge, dog parks, a soccer field, a playground, and a children’s gaming area.

To further validate the economic aspect of the investment, the developers paid $38 million for the 38-acre property, agricultural land on the southwest corner of Glades Road and 95th Avenue South in 2018.

(source: theraldeal.com)

 

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