New York City rents just hit a new high, report finds
Maybe the rent really is too darn high.
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The median rent for New York City one-bedroom apartments hit $2,980 in May, the highest in at least three years, according to real estate listing site Zumper’s national latest rent report.
It’s even worse if Manhattan is considered independently of the other four boroughs: average one-bedroom rents there came to a whopping $3,613 in April, according to Douglas Elliman’s most recent report.
NYC’s increase of 4.6% from the prior month marked the second-largest growth in the country, Zumper said, with most other cities experiencing steady pricing or even declines.
Spokane, Wash., notched the biggest rent increase in the country, with a 5.3% jump from April. One-bedrooms there, though, put back a renter just $790 a month.
It’s not all bad news for Big Apple residents: New York is just the runner-up in Zumper’s ranking of the country’s most expensive one-bedroom markets.
San Francisco took the top slot – as the tech titan-filled city consistently has in recent years — and by a large margin: a median one-bedroom in the city by the bay is $3,700 a month.
Third place in the 100-city survey went to Boston, which recorded a median one-bedroom rent of $2,500/month.