The Real Deal:
According to this week’s market reports, Queens rents rose by 8.4 percent in August and the number of housing permits in the city rose by 35.6 percent last year.
Queens posted the highest rent hike in the country in August, registering an 8.4 percent year-over-year increase to settle at an average rate of $2,342. This was followed by Phoenix, Arizona, which had the second highest rent increase at 6.8 percent. Manhattan and Brooklyn also registered price hikes of 1.9 percent and 3.9 percent,respectively. The national average rent stood at $1,412, up 3.1 percent from the same month last year. Read the report here.