Jersey City != NYC. And whatever the median is in NYC as a whole, the fact remains that developers in desirable parts of the city are for the most part no longer building and converting new rental units intended for middle-class or working-class people like they still are across the Hudson.
If the new units are priced to the current market rate for similar existing ones it would be a simple issue of supply and demand, but from what I’ve seen the rental rates for new construction are much higher because “new and shiny.”
For example, here’s a large new construction 1-BR in Murray Hill: $4225/month. Existing 1-BRs in the same neighbourhood of about the same size with doormen go for around $3300/month according to a quick look on Craigslist. Here’s one of roughly the same size with similar amenities in a 1963 building: $2900/month.
