Apr. 4, 2023 By Julia Moro
RentHop announced its new tool, RentHop RentCompare, which allows New York City renters to find out if they are overpaying or underpaying for rent.
Average rental prices have been widely discussed among experts recently. RentHop’s new tool is meant to give more context to the topic and give renters a more personalized understanding of average rent prices in the city.
According to RentHop data, in April 2023, studio rental prices in New York City increased by $166 year-over-year from $3,034 to $3,200. A one-bedroom rental increased by $81 (2.12%) year-over-year from $3,825 to $3,906, while two-bedroom rental prices have increased by $610 (13.30%) year-over-year from $4,585 to $5,195.
In Astoria, rental prices in April 2023 for a one-bedroom unit increased by $512 compared to last year. In Long Island City, a one-bedroom is currently priced at $4,100, an increase of $225 from last year’s price.
Through RentHop RentCompare, users can type in their neighborhood and borough, rent price and the number of bedrooms and baths to find out whether they are getting a steal or are overpaying. The tool will also tell you the average rental price for your unit.
For example, in Ridgewood, someone paying $3,500 for a unit with one bedroom and one bathroom would be overpaying by approximately 24%, as the average rental price is $2,825 for that space.
RentHop also supplies similar listings in the area you searched.
Subway riders will be seeing ads for RentHop RentCompare in train cars around the city.
“To encourage New Yorkers to use RentHop RentCompare,” a RentHop statement said, “the subway ads take on familiar occurrences such as the desire to compare your rent to someone else’s, pushing a relationship to its next level to save on rent, and the constant nagging question, ‘I know NYC is expensive, but am I overpaying for rent?'”
Lee Lin, CEO of RentHop, said their mission is to simplify real estate decisions.
“Given the unique macro-environment over the past three years, RentHop RentCompare is a crucial tool that all New York tenants and landlords should consult as they navigate their leasing choices this year,” Lin said.