The temperatures are extremely hot outside and the real estate industry in burning up in New York City. According to various records this week, records have been made in both residential and commercial sectors of the industry.
“Axiometrics, a housing market research and analysis group, found the average rental price in the New York-metro area to be at a new record. New York residents paid an average of $3,015 in rent during the month of June — $28 dollars than the previous month, and nearly $114 more than the average a year ago. According to the report, the occupancy rate also set a new record of 97.2 percent, narrowly defeating the previous record set in May by a .1 figure.”
Rent in New York is usually the highest in the nation and the increase in occupancy shows how in demand these apartments are.