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Fine Artists
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Ability to Pay Rent by Occupation
BJH Advisors
Gowanus MultifamilyResidential Market ReportMarch 2017
Key Findings• Since 2007, multifamily residential inventory has
experienced aggressive growth, increasing by 73 percent.
• The median asking rent in Gowanus for a 1 bedroom apartment (700 SF) is $2,863, 36 percent higher than the median asking rent in Brooklyn overall. Conversations with brokers reveal that the luxury rental market is growing and rents for luxury apartments could approach $56 per square foot, or $3,267 for a 1 bedroom apartment (700 SF).
• Although asking rents have decreased by 11 percent in Gowanus since 2007, rents have increased by almost 15 percent since 2011.
• Vacancy in Gowanus, 3.2 percent, is extremely low, and very close to overall vacancy in Brooklyn.
Multifamily ResidentialMarket Indicators
Market Indicators Gowanus Brooklyn
Inventory (# of Units) 1,842 401,271
% Change in Inventory(2007 – 2017) 73% 4%
Median Asking Rent $49 $36
% Change in Median Rent(2007 – 2017) -11% 26%
Vacancy 3.2% 2.7%
10 Year Net Absorption(# of Units) 591 23,324
Cost of 1 BedroomApartment (700 SF) $2,863 $2,093
Annual Salary Needed $114,520 $82,720
3/21/2017 Gowanus - Google Maps
https://www.google.com/maps/place/Gowanus,+Brooklyn,+NY/@40.6747218,-73.9986063,15z/data=!3m1!4b1!4m5!3m4!1s0x89c25a560db693e3:0xb05e8b0bdf854... 1/2
Map data ©2017 Google 1000 ft
GowanusBrooklyn, NY
Gowanus is a neighborhood in the New York City borough of Brooklyn, within the South Brooklyn area. The neighborhoodis part of Brooklyn Community Board 6. Wikipedia
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Quick facts
Gowanus
$2,863 = median rent for 1 bedroom
Source: Occupational Employment Survey, New York City Region, 2016; CoStar 2017* Ability to pay rent is determined based on 30% of the median annual monthly wage for each occupation
Fine Artists
Writers and Authors
Photographers
Film and Video Editors
Librarians
Architects
Fashion Designers
Graphic Designers
Software Developers
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Abilit
y to
Pay
Ren
t*
Ability to Pay Rent by Occupation
Source: Occupational Employment Survey, New York City Region, 2016; CoStar 2017* Ability to pay rent is determined based on 30% of the median annual monthly wage for each occupation
Multifamily ResidentialMarket Indicators
Market Indicators Stapleton StatenIsland
Inventory (# of Units) 887 19,087
% Change in Inventory(2007 – 2017) 181% 5%
Median Asking Rent $46 $24
% Change in Median Rent(2007 – 2017) 153% 13%
Vacancy 32.7% 3.3%
10 Year Net Absorption(# of Units) 264 1003
Cost of 1 Bedroom Apartment (700 SF) $2,660 $1,421
Annual Salary Needed $106,400 $56,840
3/21/2017 Gowanus - Google Maps
https://www.google.com/maps/place/Gowanus,+Brooklyn,+NY/@40.6747218,-73.9986063,15z/data=!3m1!4b1!4m5!3m4!1s0x89c25a560db693e3:0xb05e8b0bdf854... 1/2
Map data ©2017 Google 1000 ft
GowanusBrooklyn, NY
Gowanus is a neighborhood in the New York City borough of Brooklyn, within the South Brooklyn area. The neighborhoodis part of Brooklyn Community Board 6. Wikipedia
Photos
Quick facts
Gowanus
BJH Advisors
Stapleton MultifamilyResidential Market ReportMarch, 2017
Key Findings• The inventory of multifamily units in Stapleton is
relatively small. However, since 2007, inventory in Stapleton has experienced strong growth, increasing by 181 percent.
• The median asking rent in Stapleton for a 1 bedroom apartment (700 SF) is $2,660, 92 percent higher than the median asking rent in Staten Island.
• Since 2007, the median asking rent in Stapleton has experienced very strong growth, increasing by 153 percent, significantly greater than the 13 percent increase for rent in Staten Island overall.
• Residential vacancy is generally low in Stapleton (1.4 percent in the first quarter of 2016). The current vacancy corresponds to the delivery of a 571 unit development in the second quarter of 2016, and vacancy is expected to readjust following leasing of that property.
3/22/2017 Stapleton - Google Maps
https://www.google.com/maps/place/Stapleton,+Staten+Island,+NY+10304/@40.6278425,-74.0874136,15z/data=!3m1!4b1!4m5!3m4!1s0x89c24e35622c4ac9:0x20b... 1/1
Map data ©2017 Google 1000 ft
StapletonStaten Island, NY 10304
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Stapleton
$2,660 = median rent for 1 bedroom
Fine Artists
Writers and Authors
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Film and Video Editors
Librarians
ArchitectsFashion Designers
Graphic Designers
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$2,000
$2,500
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Abilit
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Ability to Pay Rent by Occupation
$1,610 = median rent for 1 bedroom
Multifamily ResidentialMarket Indicators
Market Indicators Jamaica Queens
Inventory (# of Units) 8,345 240,479
% Change in Inventory(2007 – 2017) 9% 6%
Median Asking Rent $28 $32
% Change in Median Rent(2007 – 2017) 5% 21%
Vacancy 1.6% 1.8%
10 Year Net Absorption(# of Units) 955 16,691
Cost of 1 Bedroom Apartment (700 SF) $1,610 $1,876
Annual Salary Needed $64,400 $74,040
3/21/2017 Jamaica - Google Maps
https://www.google.com/maps/place/Jamaica,+Queens,+NY/@40.6980003,-73.7999971,14.03z/data=!4m5!3m4!1s0x89c261262cc32f31:0xc7b26ba62f82a566!8m2!3... 1/2
Map data ©2017 Google 2000 ft
Jamaica
Queens, NY
Jamaica is a middle-class neighborhood in the New York City borough of Queens. The neighborhood is part of Queens
Community Board 12, which also includes Hollis, St. Albans, Spring�eld Gardens, Baisley ... Wikipedia
Population: 217,000 (2010)
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Quick facts
Jamaica
BJH Advisors
Jamaica MultifamilyResidential Market ReportMarch, 2017
Key Findings• Since 2007, multifamily residential inventory has
experienced modest growth, increasing by 9 percent.
• The median asking rent in Jamaica for a 1 bedroom apartment (700 SF) is $1,610, 13 percent less than the median asking rent in Queens.
• Since 2007, the median asking rent in Jamaica has increased by a modest 5 percent, less than the 21 percent increase for asking rents in Queens overall.
• Vacancy in Jamaica, 1.6 percent, is extremely low, and approximately the same as the overall vacancy in Queens.
Source: Occupational Employment Survey, New York City Region, 2016; CoStar 2017* Ability to pay rent is determined based on 30% of the median annual monthly wage for each occupation
$1,428 = median rent for 1 bedroom
Fine Artists
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Abilit
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Ability to Pay Rent by Occupation
3/22/2017 Bronx, NY 10454 - Google Maps
https://www.google.com/maps/place/Bronx,+NY+10454/@40.8033477,-73.9319869,14z/data=!3m1!4b1!4m5!3m4!1s0x89c2f5c1c4800175:0xbb17dacba0bce192!8m... 1/1
Map data ©2017 Google 2000 ft
Bronx, NY 10454
Bronx, NY 10454
BJH Advisors
Port Morris/Mott Haven MultifamilyResidential Market ReportMarch, 2017
Key Findings• Since 2007, the inventory of residential space has
remained relatively stable in Port Morris/Mott Haven.
• The median asking rent in Port Morris/Mott Haven for a 1 bedroom apartment (700 SF) is $1,428, 14 percent higher than the median asking rent in the Bronx overall.
• Since 2007, asking rents have decreased by 11 percent, but the volume of affordable housing that has been constructed in the study area distorts the average asking rent. Asking rents for new, market rate units are expected to approach $30 per square foot, or $1,750 per month for a 1 bedroom apartment (700 SF).
• Vacancy in Port Morris/Mott Haven and in the Bronx overall is extremely low, close to 2 percent.
Multifamily ResidentialMarket Indicators
Market Indicators Port Morris/Mott Haven Bronx
Inventory (# of Units) 9,636 309,184
% Change in Inventory(2007 – 2017) 6% 4%
Median Rent $25 $22
% Change in Median Rent(2007 – 2017) -11% 6%
Vacancy 2.3% 1.9%
10 Year Net Absorption(# of Units) 490 16,601
Cost of 1 BedroomApartment (700 SF) $1,428 $1,295
Annual Salary Needed $57,120 $51,800 Source: Occupational Employment Survey, New York City Region, 2016; CoStar 2017* Ability to pay rent is determined based on 30% of the median annual monthly wage for each occupation
Fine Artists
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Ability to Pay Rent by OccupationMultifamily ResidentialMarket Indicators
Market Indicators Inwood Manhattan
Inventory (# of Units) 14,297 807,063
% Change in Inventory(2007 – 2016) .4% 5%
Median Rent $32 $58
% Change in Median Rent(2007 – 2017) 17% 15%
Vacancy 2.6% 2.7%
10 Year Net Absorption(# of Units) 144 32,773
Cost of 1 Bedroom Apartment (700 SF) $1,862 $3,360
Annual Salary Needed $74,480 $134,400
Key Findings• Since 2007, multifamily residential inventory in
Inwood has remained flat. However, the City is currently pursuing a rezoning in the area which is expected to catalyze the production of new units.
• The median asking rent for a 1 bedroom apartment (700 SF) in Inwood is $1,862, 45 percent less than the median asking rent in the Manhattan overall.
• Since 2007, asking rents have increased by 17 percent, which closely tracks rent increases in Manhattan overall.
• Vacancy in Inwood and in Manhattan overall are both extremely low, approximately 3 percent.
BJH Advisors
Inwood MultifamilyResidential Market ReportMarch, 2017
3/22/2017 New York, NY 10034 - Google Maps
https://www.google.com/maps/place/New+York,+NY+10034/@40.8689092,-73.940878,14z/data=!3m1!4b1!4m5!3m4!1s0x89c2f3f6e01317cb:0x70a88734a3b7ab58... 1/1
Map data ©2017 Google 2000 ft
New York, NY 10034
New York, NY 10034
$1,862 = median rent for 1 bedroom
Source: Occupational Employment Survey, New York City Region, 2016; CoStar 2017* Ability to pay rent is determined based on 30% of the median annual monthly wage for each occupation