What to Know
- Those looking to rent in NYC can’t seem to catch a break as rent prices increased sharply over the month of June, according to a report
- Apartment List says that rents in New York have increased 1.2 percent over the past month, and are up 1.7 percent in comparison to last year
- While New York's rents rose slightly over the past year, many cities nationwide saw decreases, including Seattle, Chicago and Washington, DC
Those looking to rent in New York City can’t seem to catch a break as rent prices increased sharply over the month of June, according to a recently released report.
The latest Apartment List rent report shows that rent in New York has increased 1.2 percent over the past month, and is up 1.7 percent in comparison to last year. Whereas, nationwide, rent has grown by 1.4 percent over the past year compared to the 1.7 percent increase in New York.
The current median rent in New York stands at $2,120 for a one-bedroom apartment. Two-bedroom apartments are $2,520, according to the report, which also states this is the fourth straight month the city has seen rent increases after a February decline.
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New York's median two-bedroom rent of $2,520 is above the national average of $1,180.
Rent across the New York Metro area are also rising with seven out of the 10 largest cities in the area seeing rent increases.
Within the metro area, Hoboken is the most expensive city with a median two-bedroom rent of $2,620. Additionally, Rochester and Newark have experienced year-over-year growth above the state average of 0.7 percent, with both cities logging in a 3.2 percent increase each.
By comparison, the median price for a two-bedroom apartment in Newark is $1,440, in Jersey City the median is $1,880, while in White Plains the median is $2,070.
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However, the report also shows that most similar cities nationwide have more affordable rents in comparison to New York. For example, Houston has a median two-bedroom rent of $1,030, where New York is nearly two-and-a-half times that price.
Additionally, while New York's rent rose slightly over the past year, many cities nationwide saw decreases, including Seattle, Chicago and Washington, DC.
Think you’ll have better luck with rent if you get out of New York City? The odds are not on your side since 85 out of the 100 largest cities in the nation have shown a month-over-month rent growth, according to the report.