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National report indicates rental prices for one-bedroom apartments in NYC increased since last month

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.

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