Skyrocketing rent prices across the US have begun to stabilize, but in most major markets this plateau sits atop an Everest of YoY increases.
In NYC, which set a new national record for 1-BR average monthly rents in June at $5,812, YoY rents have risen by 41%, while the second most-expensive place to rent—across the Hudson River in Jersey City, where average monthly 1-BR rents topped out at $4,421 last month—the year-over-year increase has been more than 51%.
In the red-hot tech hub of Austin, a market that now has the seventh-highest average monthly rents at $3,257, rents have more than doubled since June 2021, growing YoY a staggering 108%.
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