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NYC Apartment Rents Notch a Three-Year High
Although it trails well behind top-ranked San Francisco, New York City posted the steepest one-month growth for one-bedroom apartment rents in Zumper’s latest National Rental Price Index.
Citywide, one-bedroom rents rose 4.6% over the past month to a median $2,980 per month, the highest in at least three years. That compares to a national monthly increase of 0.1%, while two-bedroom rents increased at a slightly faster pace.
Citing the latest report from Douglas Elliman, the New York Post noted that the figure is higher if only Manhattan is factored in. A Manhattan one-bedroom rents for an average of $3,613 per month, according to Douglas Elliman’s yardstick.
Growth in smaller markets was largely flat, with a handful of cities even seeing large, double-digit year-over-year declines. “It seems the market is stabilizing since the days of many cities experiencing consecutive, 10%+ year over year growth rates in 2018,” according to Zumper.
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