Apartment List Releases New York May Rent Report
Apartment List suggests New York rents are on the rise, as median two-bedroom apartment rents increase 1.6% within the past year.
NEW YORK CITY – Apartment List has released its May 2020 rent report for the city of New York. Within the report, Apartment List provides data evaluating the city’s rental market trends, and offers comparisons to similar cities throughout the metropolitan area, state and nation.
The latest rent report data suggests that New York rents have slightly declined by 0.2% within the past month, however, rents have slightly increased by 1.6% in comparison to the same time last year.
Within the past year, rent increases have occurred within New York City and additionally throughout the entire metropolitan area. Within the New York metro, eight of the largest 10 cities that Apartment List obtained data for, have sent rent prices rise.
West New York, NJ experienced the metro’s fastest rent growth, with a year-over-year increase of 8.7%; the city’s median one-bedroom and two-bedroom apartments cost $1,338 and $1,594, respectively. Bayonne, NJ has experienced the biggest rent drop in the metro area within the past year; seeing a 7.8% decline, with median one-bedroom and two-bedroom apartments costing $1,211 and $1,443, respectively. Elizabeth, NJ has the least expensive rents in the New York metro, with prices falling 1.5% within the past year, and a 0.1% rent increase in the past month. Hoboken, NJ has the most expensive rents of the metro’s largest cities; with rents increasing 3.6% in the past year, and decreasing 0.1% in the past month. Hoboken’s median two-bedroom apartment rents for $2,735.
Apartment List also reports that New York’s median rent prices have proven to be less affordable than similar cities nationwide, though rent prices in similar cities across the country have increased more quickly than New York rents.
The city’s median rent for a one-bedroom apartment is currently $2,148. The city’s median rent for a two-bedroom apartment stands at $2,559, which is above the national two-bedroom apartment rent average of $1,196.
Other New York cities have seen slight rent growth, while the state as a whole reported rent growth of 1.3% within the past year. Nationally, rents have increased by 1.4% within the past year, compared to New York City’s 1.6% increase. Comparably, the city of San Francisco experienced a decrease of 0.3% within the past year.
Apartment List additionally released its May 2020 national apartment rent report, which can view found here.