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NYC Apartment Growth Runs Slightly Ahead of State, U.S. Averages
New York City rents have declined 0.1% over the past month, but are up moderately by 2.2% from a year ago, says Apartment List. Currently, median rents in New York stand at $2,152 for a one-bedroom apartment and $2,564 for a two-bedroom—both lower in the city than in Hoboken, NJ across the Hudson, as well as in San Francisco.
Year-over-year rent growth in New York City leads the state average of 1.4%, as well as the national average of 1.7%. It’s also faster than in some other U.S. cities, such as Chicago, Seattle and Washington, D.C., although slower than in Phoenix, Dallas or Austin.
Although median apartment rents are higher elsewhere, New York City still is home to the highest rents, period, RentCafe says. Manhattan rents peak at $4,210 per month, or more than six times greater than the nation’s lowest rent: $662 per month in Wichita, KS.
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