Rents Are Getting Less Expensive in NYC, But Not By Much, Report Says
Yes, rents in New York City are outrageously expensive, but they’re not as high as they were a year ago, according to a new analysis.
Prices for one-bedroom units fell more than 7 percent over the past year to a citywide median rent of $3,000 a month, while two-bedrooms were down just under 8 percent to $3,400 a month, according to a market report released Thursday from apartment search platform Zumper.
Of the nation’s top 10 rental markets, New York led the pack in price declines over the past year.
That might not be consolation for many New Yorkers given that most landlords want a tenant to earn at least 40 times the monthly rent. For a $3,000-a-month one-bedroom the salary needed would be $120,000.
Meanwhile, the median household income in New York City is about $50,700,according to most recent U.S. Census estimates.
For several months now, as rental inventory has expanded, asking rents have been declining and concessions — like covering brokers’ fees or offering a free month’s rent or two — have been on the upswing to enable landlords to keep their “face” rents high.
In the sales market, prices still rose, year-over-year, across the city, according to data released Thursday from home listings site Realtor.com.
The median price grew fastest in Queens, with an 11 percent increase to $473,000.
Brooklyn’s median price grew 8 percent to $671,000, the report found, followed by Manhattan and The Bronx, which both saw prices rise 7 percent, to $911,000 and $347,000, respectively. (There was insufficient data to track Staten Island price changes, the report said.)
In terms of listing views on its website, Realtor.com found that Staten Island got the most views — 2.4 times the national average.
The borough has also experienced the fastest growth in views by more than doubling year-over-year. There was also a strong uptick in listing views in The Bronx (86 percent higher than last year) and Queens (68 percent from the year before) — likely showing that affordability is a key driver when house hunters are searching online.
Staten Island and Queens also saw properties remain on the market for the shortest number of days — 74 — compared to other boroughs. In Manhattan and Brooklyn, homes stayed on the market for roughly 100 days.
The Queens market has been gaining ground the last few years as Manhattan prices have become unattainable for many New Yorkers and Brooklyn prices now not far behind.