What to Know
- Rents in New York are on the rise, according to the latest monthly rent report by Apartment List
- It's the third straight month of median rent increases, the report found
- Union City, New Jersey, saw some of the biggest month over month and year over year median rent increases
The New Colossus poem inscribed on the Statue of Liberty includes the line, "Give me your tired, your poor..."
But it's getting even more expensive to live in the Big Apple.
Median rents in New York are up for the third straight month, according to the July 2017 rent report by Apartment List. The study found prices for one- and two-bedroom apartments are up 0.4 percent month over month and 1.2 percent year over year. A typical studio apartment on West 26th Street at Chelsea can cost $3,290 while a one-bedroom on Broad Street can cost $3,555, the study found.
It's more expensive to live in New York City than in other comparable cities, with the median two-bedroom rent costing $2,480, compared with $990 in Houston. Nationally, the average two-bedroom costs $1,150, the report found.
And if you think setting up somewhere else in the tri-state area will spare you higher costs, be warned. Union City, New Jersey, saw the biggest jumps, with prices up 3.5 percent month over month and 11.3 percent year over year. Still, it's a heck of a lot cheaper to live in a one-bedroom ($1,430) or two-bedroom ($1,700) there than it is to rent a comparable apartment in New York City.
Apartment List's national rent index has increased 0.5 percent over the past month, and is up 2.9 percent year over year. The website says data from private listing sites tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from the listing. For details on the full methodology and more report findings, click here.