When it comes to the most expensive cities in the US to rent a one-bedroom apartment, New York is the king of the hill and the top of the pile.
The median price of a one-bedroom apartment for rent in the five counties as of February 1 was $3,100, up 26% year-on-year, according to the analysis of the Zumper National Index.
That’s almost $200 more expensive than the second most expensive city to rent a one-bedroom apartment – San Francisco.
The median one-bedroom rent in San Francisco is $2,930 — 11% higher than at the same time last year.
Boston saw a whopping 32% increase in median one-bedroom apartment rentals – $2,700 on February 1, according to the Zumper Country Index.
The city with the biggest increase over the same period was Miami, where the median price of a one-bedroom apartment rose 34% to $2,420.
The top 10 is rounded off by San Jose, California ($2,470); Washington, DC ($2,220); Los Angeles, California ($2,190); San Diego, California ($2,170); Oakland, California ($2,100); and Scottsdale, Arizona ($1,950).
The sky-high rents can be attributed to the high demand for living in the city coupled with low inventory levels.
A recent study found that New York City approved less new housing per resident than any other city in the Northeast in 2020.
The numbers are bad news for the Big Apple, as remote workers continue to flock to cheaper cities like Miami and Austin. Both approved several times as many new units as New York in 2020 – 7.6 and 17.8 respectively.
https://nypost.com/2022/02/28/why-you-dont-want-to-rent-a-one-bedroom-in-new-york-city/ Why don’t you want to rent a bedroom in New York City