Blah, blah, blah, here is the meat and potatoes:
The report also showed that “effective rents,” which include additional months on a lease without fees and other perks, rose 0.3% to $967 per month. “If you’re a renter right now, it might behoove you to sign a two-year lease, especially in New York where things might gallop real quick on the upside,” Calanog said.
Effective rents in New York City, the most competitive apartment rental market in the country, rose 0.9 percentage points to $2,667 per month in the first three months of the year after falling 2.9% last year.
Of the 79 metropolitan markets that the Reis report surveyed, 60 areas registered increases in effective rents, with the Miami area posting the highest rise of 1.6% to $1,008 per month.
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