Oct. 20, 2023 By Ethan Marshall
RentCafe hypothesizes that a big contributing factor to the high demand among renters is due to Long Island City’s close proximity and easy access to Manhattan. Additionally, the area’s location along the East River provides residents with a beautiful view of the Manhattan skyline.
In 2017, there were an estimated 9,631 apartments in Long Island City. From 2018-22, there were 7,081 new apartments built there, marking a 73.5% increase to a total of 16,712 by 2022.
In addition to calculating the number of new apartments added during this period of time, RentCafe also determined the median income and age of residents within this zip code. The median income for apartment residents within the 11101 zip code was $87,264, while the median age of residents was 34.
The only two zip codes to rank ahead of 11101 when it came to new apartments were 20002 and 20003 in Washington, D.C. Ivy City, located in northeastern Washington, D.C., represents the 20002 zip code. The area had 7,378 new apartments added from 2018-22. Capitol Hill is the Washington, D.C., neighborhood represented by the 20003 zip code. From 2018-22, there were 7,225 new apartments added in that neighborhood.
- To compile this report, new completed apartments data across 142 metropolitan areas containing 917 zip codes were analyzed by RentCafe’s research team. This study was based exclusively on apartment data related to buildings containing at least 50 units. ZIP codes with no more than 500 units or less than three properties and/or buildings were excluded from this analysis.
- RentCafe’s sister company Yardi Matrix, provided apartment data. Yardi Matrix is a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors.