New York rents are now the most expensive in the United States: report

New York City rents have overtaken San Francisco as the most expensive in the United States, a sign that the Big Apple is overtaking th...

New York City rents have overtaken San Francisco as the most expensive in the United States, a sign that the Big Apple is overtaking the West Coast tech hub’s financial recovery.

The median room rental in the boroughs is now $ 2,810, compared to a median price of $ 2,800 in the Golden City, according to a new study of the online rental platform Zumper.

This is the first time New York has surpassed San Francisco prices since Zumper began tracking data in 2014, as many New Yorkers who fled the city amid COVID-19 concerns came back, according to the study.

“People have returned to New York as the indoor restaurants and other urban amenities that make the city popular became available again. Rents began to rise as a result… This did not happen in San Francisco, ”according to the study.

A general view of brownstone homes in the Greenwich Village section of New York, NY, May 21, 2021.
This is the first time New York has passed San Francisco since data logging began in 2014.
Christophe Sadowski

Rents remain down 20% in the city of Bay Area from March 2020, while rents in the five boroughs are currently only down about 1% from before the pandemic. In 2019, it cost $ 800 more to rent in San Fran than in the Big Apple, Zumper said.

A one-bedroom apartment in the middle of the road in Manhattan at the start of the pandemic cost around $ 3,417, according to StreetEasy. This digit tumbled at $ 2,700, as many have moved out of town, creating the lowest rents in over a decade.

Renters in Brooklyn and Queens also saw their rents drop by about 10% last year, according to the website, which does not track prices in the Bronx and Staten Island.

A general view of apartment buildings seen in the Upper West Side section of New York, NY, July 9, 2021.
Many New Yorkers who fled the city due to coronavirus concerns have returned.
Christophe Sadowski

The average Manhattan rental currently costs $ 4,009, according to a recent Douglas Elliman Report, who notes that last month saw the highest number of lease signatures since 2008 in the borough.

Boston, San Jose and Washington, DC round out the top five most expensive cities in the country for renters, Zumper said.

Nationally, a one-bedroom apartment costs about 9% more than at the same time last year, according to the study.

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Newsrust - US Top News: New York rents are now the most expensive in the United States: report
New York rents are now the most expensive in the United States: report
Newsrust - US Top News
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