New York one-bedroom apartment rent nears $4,000 for first time, with median rents rising up to 61% in some cities

By Emma Ockerman

The median rental price for a one-bedroom apartment in Fresno or Tulsa has risen about 40% over the past year

Renters have yet another reason to dread the first of the month: More than half of U.S. cities have seen double-digit rent increases in the past year, according to a new report from Zumper, a rental website of apartments.

While median prices for one-bedroom rentals have predictably skyrocketed in some of the nation’s most expensive cities year-over-year, hitting $3,930 in New York and $3,040 in San Francisco. this month, renters in small towns like Fresno and Tulsa also faced big increases of about 40%, according to Zumper.

(Zumper data also shows that rents in New York City, which has the highest prices in the country, vary by borough. The median rent for a two-bedroom apartment in Brooklyn jumped to 4 $506, a staggering 61% year-over-year increase, while Manhattan two-bedrooms rose 33% to $5,283 in August.)

In fact, as the cost of living rises nationwide, only two cities in Zumper’s “Top 100” have suffered year-over-year declines: Des Moines, where median rents for one bedroom are down 12% over the past year, and Cleveland, where median one-bedroom rents are down 5.4%.

That means tenants aren’t getting much cut – if any – on their rent, as they also have to deal with higher energy bills and food costs.

“Current asking rents are simply out of reach for many Americans, especially young people,” Zumper CEO Anthemos Georgiades said in a blog post about the company’s findings.

“We’ve seen Zumper users sacrifice space, location, amenities, and roommates for years; more recently, we’ve noticed some getting creative as they search for an affordable home,” he said. he adds. “Many renters are turning to short-term rentals to fill a temporary housing void, especially if they can’t afford high deposits and move-in fees.”

For this reason, Zumper announced last week the launch of its own short-term rental product.

There’s good news in Zumper’s new report. Prices in popular cities in the Southeast, where the rental market has been white-hot throughout the pandemic, are starting to moderate. And, while ultra-expensive Miami rents continue to rise — the median cost of a bedroom is $2,520 — they’ve risen just 0.8% in the past month.

“In the new (ab)normal of 2022, anything less than a full percentage point of month-over-month growth can be considered modest — especially compared to this spring, when Miami was third most expensive city in the United States (it has since fallen to sixth place),” Zumper said in a blog post.

Read more: ‘We feel like this is a rent hike’: Tenants meet with Biden administration officials to decry landlords’ steep increases

-Emma Ockerman

 

(END) Dow Jones Newswire

08-30-22 0422ET

Copyright (c) 2022 Dow Jones & Company, Inc.