When it comes to real estate in New York, nothing surprises us anymore. So when we learn that, according to Zumper’s national rent report, “New York City remains the priciest city in the nation,” we just smile and move on with our day.
According to the study, the median rent price for a one-bedroom in New York has reached $3,930—that’s actually a record high for any city in the U.S. and it represents a 39.9% increase year-over-year. The two-bedroom median is now at $4,000 (46.7% year-over-year increase). Those are pretty staggering numbers.
The interesting report also broke down the numbers based on boroughs, a practice that highlights Manhattan’s lead in terms of price increases.
Representing a 45% jump from this time last year, a median one-bedroom in Brooklyn now costs about $3,927 a month. In Manhattan, that number is closer to $4,212 (remember, the city average, already a record high, is $3,930!).
Lest you think other boroughs are immune to the upwards trend, think again: One bedrooms in Queens, the Bronx and Staten Island are up 18%, 17% and 5%, respectively. Clearly, No one is safe from the grinches of New York’s real estate market.
The survey also birthed a ranking of the most expensive cities based on the median rent price for a one-bedroom. Following New York at the number one spot are San Francisco ($3,040), San Jose ($2,780), Boston ($2,730) and San Diego ($2,580). Rounding out the top ten are Miami ($2,520), Los Angeles ($2,450), Washington, DC ($2,370), Oakland ($2,200) and Santa Ana ($2,160).
If you’re anything like us, as (let’s be honest) nauseating as these numbers sound, you probably have no desire to move outside of New York any time soon. No, you’re not crazy: you’re just a New Yorker.
Ex-Brit turned Manhattan resident since 2008.