Aug. 29, 2023 By Ethan Marshall
Zumper recently published its National Rent Report for August 2023, which indicated that the median price for one-bedroom apartments in New York City has increased to an all-time high. The $10 increase compared to the previous month brings the median total up to $3,990.
Of the 100 cities included in this data study, New York City had the highest rent, both for one-bedroom and two-bedroom apartments. Despite the increases in both categories, the amount by which rent is rising there continues a recent trend of a slowdown in price increases. Compared to July 2023, the increase in New York City this month is just 0.3% for one-bedroom units. Dating back to August 2022, the median price has gone up 1.5%.
“Many renters are still in a wait-and-see mindset,” Zumper CEO Anthemos Georgiades said. “Americans’ nerves about economic uncertainty have been somewhat soothed by slowing inflation, but there are certainly lingering fears following the roller-coaster ride our economy — and the rental market—have been on for more than three years. We expect rental rates to continue doing exactly what we’ve seen over the last year: gradually slow down and settle into seasonal patterns.”
While not quite as small of an increase, the median rent for two-bedroom apartments continued to follow a similar trend as the one-bedroom apartments. Compared to the previous month, the median rent increased by 0.7%, to $4,500. This total for August 2023 represents a 2.3% increase compared to the same month last year.
The Zumper National Rent Report analyzes rental data from more than 1 million active listings across the United States. These listings are aggregated on a monthly basis in order to calculate median asking rents for the top 100 cities by population and migration patterns. This is meant to provide a comprehensive view of the current state of the market. The report, released on a monthly basis, is based on all data available in the month of publication. Short term listings are not included in any data that is reported.