June 3, 2020
New York City rents have declined 0.6% over the past month, but have been relatively flat at 0.1% in comparison to the same time last year, according to the latest report from Apartment List. As June began, median rents in New York stood at $2,135 for a one-bedroom apartment and $2,543 for a two-bedroom.
May represented the second consecutive month that the city has seen rent decreases after an increase in March. New York’s year-over-year rent growth lags the state average of 0.7%, as well as the national average of 0.8%.
It also lags some of the smaller cities in the metro area, notably West New York, NJ, which posted Y-O-Y rent growth of 7.7% as May ended. Another city on the Hudson riverfront, Hoboken, NJ, claims the metro area’s highest median rents at $2,280 for a one-bedroom apartment, Apartment List reported.
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