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NYC Rents Soar To Three-Year High

Billionaires Row in New York City
Billionaires Row in New York City Photo Credit: Wikipedia

With New Yorkers leaving the state in record numbers, rent prices continue to rise in New York City, reaching a three-year peak.

The average rent for a one bedroom apartment in New York is up to $2,980, according to a new report by Zumper. The number represents a 4.2 percent increase from June a year ago and prices have reached a three-year high.

The report found that two-bedroom apartments in the Big Apple are also becoming more expensive, up to an average of $3,330 monthly, a 5.1 percent increase from 2018.

The average price of rent in New York City is the second highest in the country, behind only San Fransisco, which has an average monthly rent of $3,700 for a one-bedroom apartment. Boston ($2,500 per month); San Jose ($2,430) and Los Angeles ($2,250) round out the top five, according to the report.

Among the least expensive cities cited in the report, Akron came in 100th overall at $540 per month, followed by Wichita ($610); Detroit ($610) Lubbock ($630) and El Paso ($630).

The report found that the rest of the country experienced many flat monthly growth rates, with some seeing large, double-digit year-over-year declines.

The complete report from Zumper can be found here.

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