NYC Rents Jumped 25% In Past Year, Study Finds

NEW YORK CITY — The coronavirus pandemic's days of great apartment deals in New York City are officially over.

Rents for one- and two-bedroom apartments in the city jumped 25 percent in the past year, according to a new study by Zumper.

The rise coincided with the city's rental market pulling a 180-degree turn from its tenant-friendly state early in the pandemic. Many prospective renters found themselves in a desperate search for apartments that no longer had record-low prices or generous concessions.

But the silver lining, if it can be called that, is the rental crunch felt across America could be slowing.

"Rent has been rising at an alarming rate all over the country throughout 2021, but Zumper’s National Rent Index for November shows for the first time this year a slower pace of rent growth that more closely resembles historical norms," the study states.

New York City also maintained its newfound position as the most expensive rental market in the nation. The typical rent for a one-bedroom apartment in the city is $3,180 and $3,480 for a two-bedroom, according to the study.

Those prices are 24.7 percent and 24.3 percent higher that a year ago, respectively, the study found.

Read the full study here.