Commercial Real Estate Report - New York Metro, NY [Apartment]

Property Type

New York City's market-rate, investment-grade apartment market's vacancy rate in the fourth quarter of 2012 remained unchanged from the prior two quarters at 2.1%. The rate fell 10 basis points during 2012. The average asking rent rose 3.0% in 2012, while the average effective rent increased 3.8%. In the fourth quarter, however, rents fell 0.2% by both measures. (3/8/13)

Boundaries

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Recent Sales New Construction Highlight Submarkets

Latest Quarterly Reports (Q1 2013)

New York Metro, NY - Entire Metro
Submarkets
Midtown West -50 bps
W Village/Downtown -40 bps
Upper West Side -30 bps
Morningside Hts -20 bps
Upper East Side -10 bps
Bronx County -10 bps
Kings County 0 bps
Queens County 10 bps
Stuyvesant 20 bps
 

Recent Sales

Cap Rate Trend

Sales Trend

Q1
2013
Q4
2012
Q3
2012
Q2
2012
Mean 6.3% 6.5% 6.9% 6.8%
Median 6.1% 5.7% 6.2% 6.1%
12 Month Rolling 6.7% 6.7% 6.5% 6.5%

Commercial Real Estate News

Recent Rent Observations

Location ID Class Rent
Queens County 21989 BC $1,318
Queens County 13569 BC $1,844
Queens County 13583 BC $1,305
Bronx County 05559 BC $0
Queens County 86587 BC $1,904
Kings County 86438 BC $1,341
Kings County 10696 BC $0
Kings County 02280 A $0
Queens County 99267 A $0
Upper East Side 71416 BC $2,981

Change From Previous Quarter

Market Rent Vac Inv
New York Metro 0.2% -10 bps 0.0%
Northeast Region 0.2% -10 bps 0.0%
United States 0.2% -10 bps 0.0%

Metro vs. Region 0.0% 0 bps 0.0%
Metro vs. US 0.0% 0 bps 0.0%

Latest New Construction Updates

National Apartment Real Estate Trends

Vacancy Trends
Supply and Demand
Inventory Change
Inventory Change

Metropolitan Apartment Rankings (Q1 2013)

Based on 275 U.S. Markets
Value:
2. Ames, IA 1.4%
3. San Luis Obispo, CA 1.4%
4. Iowa City, IA 1.8%
5. Ithaca, NY 1.8%
6. Appleton-Oshkosh, WI 1.9%
7. New York Metro, NY 1.9%
8. Bellingham, WA 2.1%
9. Springfield, MA 2.2%
10. Anchorage, AK 2.3%
11. Canton, OH 2.3%
12. Carmel/Monterey, CA 2.3%

Avg Annual Growth Rate (2013 - 2017)

Market Rent Vac Inv
New York Metro 1.4% 242 bps 1.3%
Northeast Region 1.3% 343 bps 1.5%
United States 0.9% 485 bps 1.0%

Metro vs. Region 0.1% -102 bps -0.2%
Metro vs. US 0.5% -243 bps 0.3%