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amNEWYORK --Find an apartment in NYC: Queens offers value, convenience
April 17, 2014
Since renters tend to stick with their apartments during the winter and seek to relocate in the spring, the next few months make up the hottest season in the rental market.
It's no secret that Brooklyn rental prices are approaching and sometimes eclipse Manhattan prices. If you want to find good value and still live in a convenient location, Queens is worth looking into, experts said.
Recent market numbers show that the difference between rental prices in Manhattan and Brooklyn is shrinking.
The median rental price for a studio in Manhattan in March was $2,401, according to real estate brokerage Douglas Elliman, with the median price in Brooklyn was just a few hundred dollars lower at $2,175...
Mike Slattery, senior vice president at the Real Estate Board of New York, said property taxes, land prices and water and sewer bills are driving up costs to build new projects.
Add to the equation more people moving to the city as the job market improves and rent prices go skyrocketing.
"Demand is certainly not being kept up by supply and we've been seeing increases in rent pretty much across the board," he said. "I just don't think we're going to be able to build our way out of the supply shortages anytime soon."