Rents in New York Drop 1.1%, Following 5-Month Downhill Trend
Rents in New York have been dropping since the pandemic started. Last month they dropped another 1.1%, which means rents are down 3.3% when compared to last year, said Apartment List's latest New York rent report.
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%.”
The price drops have happened in New York City, and also seven of the 10 cities within the metropolitan area, the report said. For example, in Bayonne, rents are down 7.7% compared to last year. Declining year-over-year rent prices are also a reality in Hoboken, White Plains, Jersey City, New Rochelle and Elizabeth.
But some of the metro’s cities have seen growth in rent prices: West New York’s rents rose by 6.6% year-over-year. Newark also saw rising rents compared to last year.
Elsewhere in New York, rents were rising. There was a 2% year-over-year increase in Rochester, New York, and Syracuse also saw a rise in rents.
Like in New York, some cities in other states saw their rental prices decrease: Rents are down 5.6% in San Francisco, 3.1% in Boston and 2.2% in Washington, D.C., said the report.
In comparison, the rents nationwide have held steady over the past year, the report said.
Apartment List gathers and analyzes rent data, and publishes monthly reports about rental trends for hundreds of U.S. cities. The report warns that data coming from private listing sites, including Apartment List, tends to skew towards luxury apartments. The site uses a methodology for its reports to improve the accuracy of its findings, the report said.