New York City remains one of the most expensive to live in the country, according to a new survey.
Again, New York City it ranks as the most expensive cities to pay for rent in the United States, despite the massive exodus it experienced in the months after spring.
A survey conducted by the firm Zumper On the national rental reports for last December, it revealed the rental prices in the country for a single bedroom remained stable with a cost of 1,224 dollars per month, while the two-bedroom apartments rose slightly 0, 3% going to $ 1,491 per month.
However, despite this stability in the national rental market, New York City did not lower its rental costs, on the contrary, it increased them.
The Zumper firm indicated that New York City continues to be the second most expensive rental market in the entire country, despite the crisis generated by the coronavirus pandemic.
New York City remains second as the most expensive metropolis to rent, just behind the city of San Francisco, the Zumper survey indicated.
Rental prices in New York City continue to rise. Zumper explained that a one-bedroom apartment in the Big Apple has a value of $ 2,450 per month. Although this price registered a drop of 2.4%, according to the firm’s data, the city remains the most expensive to live in.
The value of a two-bedroom apartment in New York stood at $ 2,630 per month, with a decrease of 6.1%, according to Zumper.
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Although Zumber’s report ranks New York City and San Francisco as the most expensive cities to live in in the United States, some new rental markets could quickly replace these positions.
“Previously hyper-expensive markets like San Francisco and New York City could be outgunned with lightning speed. growing cities like Newark, NJ, or expensive cities that have weathered decline like San Diego ”, Zumber stated in his report.
“The incredible growth of places like Newark and the resilience of places like San Diego can probably be attributed to renters flocking to these places from nearby hyper-expensive markets, such as New York City and Los Angeles, respectively, in this case. If the hyper-expensive markets that tenants abandoned in 2020 fall so low that they are no longer hyper-expensive, then it is reasonable for tenants to return to these markets and prices stabilize. “added the firm.
The changes and growth of markets such as Newark in the state of New Jersey would be linked especially to the massive exodus that the Big Apple suffered at the height of the pandemic, the firm explained.
In addition, the report also detailed that apartment rental prices in New York City would have to generate a slight decrease in order to attract again more tenants who fled in the midst of the coronavirus crisis.
For this report, the Zumper firm analyzed rental data from more than 1 million active ads across the United States. These records were aggregated monthly in order to calculate a median of requested rents in the top 100 metropolitan areas by population.
The purpose of the report is to demonstrate a comprehensive and generalized view of the current rental market throughout the country.
You can also read: New York: mass exodus of home buyers
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