08/30/2022

U.S. Rents Hit New Record as Parts

New York City rents soured past $4,000 for August

For cash-strapped renters, the situation is getting more dire in many U.S. metro areas.

The Zumper National Rent Index shows the median national one-bedroom rent for a newly listed one-bedroom now at $1,486, up 11.8 percent over August 2021 — beating last month’s record high. More than half of U.S. cities are showing double-digit rent hikes, with some over 30 percent.

New York City continues to be the priciest place to be a tenant, with median one-bedroom rent up 39.9 percent year-over-year; those with two-bedroom apartments are paying 46.7 percent more. Manhattan leads the boroughs, with monthly rent climbing to $4,212, up 27 percent over last year. In contrast, nearby Staten Island’s median one-bedroom rent is up only 5 percent, at $1,582.

Please select this link to read the complete article from Bloomberg.