Reports of New York City’s ever-increasing rents have been daunting us this summer. A week ago, a study found that Manhattanites need to make $115,800 in gross income to be able to afford one-bedroom rents; and a month ago, Manhattan was found to have the country’s most expensive average rent, while Brooklyn made fourth place.
And now, the median rent for a one-bedroom has reached a new three-year high at $3,050/month—breaking a record again—a Zumper analysis found. Two-bedroom rents also increased by 2.1 percent compared to last month, reaching $3,450/month.
Zumper attributes the new high to buyers choosing to rent instead of own as the sales market has softened, creating more competition for rentals; and an influx of young professionals relocating to the city and driving up demand during the summer.
The analysis looked at 100 U.S. cities and more than one million active listing for one- and two-bedroom units. Nationally, the report places New York in second place, after San Francisco, where median rents are at $3,600/month. Other cities in the top spots include Boston, with one-bedroom median rents at $2,500/month; Oakland at $2,300/month; Los Angeles at $2,230/month; Washington D.C. at $2,220; Seattle at $1,900/month; and Miami at $1,780/month.
Cities on the opposite end of the spectrum, with the lowest rents, include Tucson, AZ, at $650/month; Lubbock, TX, at $630/month; Detroit, at $610/month; Wichita, KS, also at $610/month; and Akron, OH, at $550/month.
See the full report here.