NYC Might Grow to be Nation’s Most Costly Rental Market: Report

NEW YORK CITY – New York Metropolis could quickly overthrow San Francisco to turn out to be America’s costliest rental market, in July Zumper lease report discover.

Town’s median lease for a one-bedroom condominium – $ 2,680 – is at the moment the second highest within the nation, in keeping with the Zumper Nationwide Lease Index. The worth is barely $ 40 behind San Francisco’s $ 2,720, and New York Metropolis has seen way more development than San Francisco in current months.

Town noticed a 4.3% month-over-month improve in median one-bedroom lease in July, making costs simply 5.6% decrease than a yr in the past across the identical time. , in keeping with the Zumper report. By comparability, costs in San Francisco are at the moment down 15% from final yr.

Nationally, Zumper’s lease index confirmed a 7 % year-over-year improve in the price of a one-bedroom condominium and an 8.7 % improve in prices of two bedrooms.

“There are a variety of potential the explanation why rents are rising so quickly,” the Zumper report learn. “With the COVID vaccine extensively out there, tenants are adjusting to a brand new regular and shifting to accommodate it. Low-wage employees who misplaced their jobs through the pandemic are discovering jobs as cities have opened up, permitting them to depart the properties of family and friends. homes.”

The hyper-competitive gross sales market can be maintaining potential consumers – particularly first-time consumers with rising households – within the rental market, in keeping with the report. This development helps clarify why the expansion in rents for two-bedroom items exceeds the speed of development in rents for one-bedroom items.

Zumper’s full report will be discovered right here.

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