NYC Rents Skyrocket Nearly 40 Percent, Study Finds

NEW YORK CITY — New York City's rent is the too damn highest in the nation. Again.

And it got even too damn higher in May too, according to a new Zumper study.

Rent citywide in May jumped 38 percent from the same point last year, the study found.

But there could be a silver lining — or as much as one can get from a study that showed the typical one-bedroom and two-bedroom in the city costs $3,590 and $3,730 a month, respectively.

Prices in May only increased 5 percent from April — a relatively minor spike mirrored elsewhere in the nation, the study found.

"It’s almost certain that year-over-year numbers will start to come down, simply because rent is not rising by the same dollar amounts that they were this time last year," it stated.

"It’s also a tall order to match the amount of rent growth experienced last summer. But regardless of how rent moves in 2022 relative to 2021, the bottom line is this: rent is still rising."

The topsy-turvy coronavirus rental market in New York City saw prices first drop to record lows, then rise starting last summer

The city overtook San Francisco as the most expensive rental market in the country during August 2021 and hasn't relinquished that dubious honor since.

The typical monthly rent in New York City that month, by the way, stood at $2,810, according to another Zumper study at the time.

The new Zumper study reported that San Francisco's typical rents — which stand at $2,900 for a one-bedroom and $4,000 for a two-bedroom — have basically stayed flat compared to other metropolitan areas where rents fell, then rose during the pandemic.

So why have San Francisco's rents basically stayed the same? The answer is at least partly because of people leaving during the pandemic, the study states.

While New York City did see a pandemic exodus to the tune of roughly 336,000, according to a Cornell study, its population has largely rebounded compared to San Francisco.

"The simple fact is that people haven’t returned to the Bay Area in the same numbers as they have in places like New York," the study states.

Read the full Zumper study here.