Renters in NYC are paying 20% more than last year: report

Ben Mitchell
1 min read
0

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.

NYC rent prices increased 7 times faster than wages in 2023: report

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.

For the latest news, weather, sports, and streaming video, head to PIX11.

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