Rents in and around New York City continue to soar, and there’s no sign they’ll be picking up anytime soon.
The median rent for a one-bedroom apartment in the five boroughs hit a record $3,900 this month, according to rental marketplace Zumper’s latest report, an increase of 3.2% month-on-month and an increase of 8.8% year-on-year. Two-bedroom units followed a similar trend, climbing to $4,240, up 6 percent from last month and up 7.3 percent from a year ago.
The pinnacles on the opposite bank of the Hudson are even more dramatic. The median rent for a one-bedroom apartment in Jersey City is currently $3,370, up 29% year-over-year, the second-highest of all 100 cities Zumper tracks, ahead of San Francisco and Miami.For two bedrooms, the median rent in the city is 3,960 US dollars, up 45% year-on-year.
These gains are in stark contrast to most of the markets included in the report. Nationally, the median rent for a one-bedroom unit was $1,504, unchanged from May and up 5.8% from a year earlier, the smallest annual increase since 2021. Median rents fell in 46 of the top 100 cities from May to June, while 42 saw median rent declines. Cities saw growth, while the remaining 12 cities were flat QoQ.
“Overall, this deceleration is good news for renters, but with some caveats,” Zumper CEO Anthemos Georgiades said in a statement. Many cities are still plateauing, and while rents are softening, rents remain at historically high levels in many markets.”
Tri-state area home prices expected to continue rising as net migration to New York reboundrecently approved Price increased Rent Stabilized Units Take Effect and 421a Tax Deduction Expires limited supply.
Other markets with the biggest rent increases for the month included Memphis (up 6.4 percent), Fresno, Calif. (up 6.3 percent) and New Haven, Connecticut (up 6.3 percent). Other cities such as Tallahassee, Austin and Tulsa saw unexpected cooling due to their busy summer season, according to Zumper’s analysis.Nationwide, multifamily housing starts were at their highest level last year Highest level since 1986but high interest rates and hesitant investors may dampen some of the extra inventory.