Over the last year, no part of the rental market has been able to avoid continued price increases.
Construction Coverage just released a new report about the U.S. locations with the biggest changes in rent prices.
The dour outlook on the U.S. economy is shifting, but one area where many Americans continue to struggle is the cost of housing. High home prices and mortgage interest rates are pricing many would-be buyers out of the residential real estate market. Additionally, the country’s long-term housing stock shortage means more renters are competing for fewer available units.
Over the last year, no part of the rental market has been able to avoid continued price increases. From studio apartments to large homes, rental units of all sizes have seen similarly-sized increases in median rents.
But while house size hasn’t had much impact on the rates of rent increases, geographic location has. To determine the locations with the biggest change in rent prices, researchers calculated the percentage change in median rent from 2023 to 2024, then ranked states accordingly.
These are the key takeaways from the report for New York State:
In 2023, the median rent in New York State was $2,070 per month.
It’s now $2,306—an 11.4% year-over-year increase.
Still, median rent in New York State has not increased quite as much as it has for the nation as a whole over the last year (+12.6%).
Geographic Differences in Median Rent Increases