Renters in NYC are paying 20% more than last year: report
NEW YORK (PIX11) -- Rent prices for one-bedroom apartments in New York City have increased by 19.9% compared to last year, according to Zumper.
The median price for a one-bedroom apartment in the city is now $4,280, which also reflects a 1.9% increase from last month.
Hoboken is listed as the second priciest city with the median price for a one-bedroom apartment sitting at $3,500.
Zumper also analyzed rent prices for two-bedroom apartments in the New York metropolitan area. The median price for a two-bedroom apartment in the city is now $4,950, a 26% increase compared to last year and a 6% increase over last month, according to the report.
The report identified Newark as the most affordable city. The report indicates that the median price for a one-bedroom apartment remains unchanged at $1,470 from last month.
Ben Mitchell is a digital content producer from Vermont who has covered both local and international news since 2021. He joined PIX11 in 2024. See more of his work here.