NYC Rent Dips For Sixth Straight Month, Study Finds

NEW YORK CITY — New York City apartment shoppers have seen one-bedroom rents fall for the sixth straight month, but there's a big catch, according to a new study.

Rents in the Big Apple remained the most expensive in the U.S. during March, despite declines in one- and two-bedroom prices, Zumper found.

Typical one-bedroom rents stood at $3,370, while two-bedrooms were $3,820, the study found.

"The city may have hit a rent ceiling, but we expect New York to hold its spot as the most expensive city in the country," the study states.

The city eclipsed San Francisco as the nation's most expensive rental market in August 2021 and hasn't relinquished the ignominious title since.

San Francisco — which held the dishonor for seven years — did prove more expensive in March for two-bedrooms: $4,000, according to the study.

But the City by the Bay had relatively cheaper $3,000 typical rents for one-bedrooms, the study found.

Prices in New York City appear to have driven out many renters to neighboring areas such as Jersey City and Newark, which both saw increases in March, the study states. Renters likely won't find much relief if they want to stay near the city, according to the study.

"Seasonality will likely become more evident in the late spring and throughout summer, as more people move to the area and keep prices decidedly high," the study states.

Here are the most expensive rental cities in March, according to the Zumper study.