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Amazon’s decision to divide its second headquarters between Long Island City and Arlington, Virginia was confirmed on Tuesday, bringing with it questions about how the neighborhoods will withstand the influx of 25,000 new workers each. According to a new study from RENTCafé, LIC already has an occupancy rate of 98.2% and about 15,400 units currently either under construction or in a planning phase, so Amazon’s announcement is sure to add fuel to an already bustling market. In fact, according to listings site CityRealty, searches for residential apartments in the neighborhood are up 281% compared to the daily averages prior to the announcement.
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, Fri, September 28, 2018
Despite recently ranking as the most expensive zip code for renters in the United States, Battery Park City experienced the greatest influx of millennial residents in New York City over a period of five years. The Lower Manhattan neighborhood, with the zip code 10282, saw a population increase of over 54 percent, according to report released this month by RentCafe. Out of the top 20 zip codes with the highest increase in millennials, Battery Park City, with 2,300 Generation Y residents, ranks third in the country, falling slightly behind two downtown Los Angeles neighborhoods (h/t amNY).
Where are millennials moving?
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Despite a year-over-year decrease in its average rent, Battery Park City ranks as the most expensive zip code for renters in the United States, according to a RentCafe report. In 2017, the average rent in this downtown neighborhood was roughly $6,000/month. And while it experienced a nearly two percent decrease this year, with average rent falling to $5,657/month, Battery Park City is still the not-so-winning winner. Not surprising but still bleak, 26 out of the 50 zip codes with the most expensive average rents in the U.S. are located in Manhattan.
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Following the country’s economic recession, neighborhoods throughout the United States have witnessed an apartment boom. According to a report by RENTCafe, since 2010, apartment buildings have been popping up at an increasingly faster rate. Unsurprisingly, Long Island City came in first for the largest number of new rental apartments, with 41 new apartment buildings and 12,533 new units built in the past seven years. Nearly 36 percent of all apartments are brand new in this Queens waterfront neighborhood.
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Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.
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With little surprise, Manhattan comes in first for the highest apartment rents in the country, with Battery Park City leading the way for the most outrageous prices. According to data collected by RentCafe and assembled into an interactive map, the average rent in this downtown ‘hood is about $6,000 per month, followed by the Upper East Side averaging $4,898 per month and the Upper West Side $4,892. Other pricey Manhattan zip codes that made the top ten include the Lower East Side, Soho and Clinton.
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