Steadily declining since the pandemic hit in March, the price of rent in New York continued slipping this month with values dropping by 1.1%.
When compared to the same time last year, New York rents are 3.3% less, according to a new report by Apartment List. The current median rent for a one-bedroom apartment is nearly $2,100 and a two-bedroom runs nearly $2,500.
"This is the fifth straight month that the city has seen rent decreases after an increase in March," said the September 2020 New York Rent Report. "New York's year-over-year rent growth lags the state average of -0.1%, as well as the national average of 0.3%."
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Angela Morris
Angela Morris is ALM Media's Texas litigation reporter. She covers lawsuits in all levels of Texas state and federal courts. Based in Austin, Morris earned journalism and government degrees from the University of Texas at Austin in 2006, and since then, has worked primarily as a reporter and writer, but also has skills in videography, photography and podcasts. Follow her on Twitter at @AMorrisReports.
