City Sees Rent Increase in Fourth Quarter, Cost Per Square Foot Drops in Boerum Hill

Overall rent in New York City increased by one percent since the third quarter of 2011, according to a fourth quarter report by RentJuice.

The report found fewer studio apartments available in the fourth quarter than at the end of the third quarter, and that increased availability of larger apartments such as one, two, and three bedroom units are bringing the rent up. With a 7 percent increase in available two bedroom units, renters on a budget should consider getting a roommate.

However, renters can expect more bang for their buck in terms of space - the cost per square foot is declining throughout the city.

Boerum Hill saw one of the greatest declines in prices, with a 22 percent decrease in cost per square foot. Meanwhile, the nearby Crown Heights showed an 18 percent increase. 

The fourth quarter's average monthly asking rent in available New York City apartments is $3,299, up from the third quarter average of $3,267. Other metropolitan areas have seen a decrease in cost, with a four percent decline for Chicago (down to an average asking rent of $1,366) and a one percent decline for Boston (down to $1,961). 

The average monthly asking rent was reported at $2,510 for Carroll Gardens, $2,598 for Cobble Hill, and $2,740 for Boerum Hill. West SoHo was reported as the highest asking rent in the city, with an average of $8,103 for available units.