NYC rent has always seemed over-priced but in the past month there has been a sharp increase and we are so not looking forward to having to find our next apartment.
According to a recent report, rent in New York has increased 1.2 percent over the past month and is up 1.7 percent in comparison to last year. Nationwide, rent has grown by 1.4 percent over the past year compared to the 1.7 increase in New York. The median rent in New York is at $2,120 for a one-bedroom apartment. Two-bedrooms are at $2,520 according to the same report. Compared to the national average of $1,180. The report also states this is the fourth straight month NYC has had a rent increase after a decline in February.
What about some of our favorite spots around the city? Within the area, Hoboken is the most expensive city with a median two-bedroom rent of $2,620. To compare Jersey City's median two-bedroom is $1,880.
85 out of 100 of the largest cities in the nation have shown a month over month rent increase so what cities should you try moving to? Seattle, Chicago and Washington D.C. have all seen decreases in rent.