A new report from Apartment List shows that while many large cities are getting cheaper, rents are actually rising in surrounding suburban communities.
This is especially true in New York City, where rents are down 12.6% while rents in nearby suburban areas are, on average, down 2.2%. Also, of the 7 local suburbs for which Apartment List has data, every single one of them is experiencing higher rent growth than New York. Leading among these suburbs is Newark, which is posting rent growth of +2%.
New York is not alone: Rents are down in 41 of the 100 largest cities in the US, according to the Apartment List National Rent Report.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
