NYC's Rents Broke Records In July As Prices Slow Nationally: Study

NEW YORK CITY — New York City's astronomical rents broke records last month, even as national apartment prices showed a surprising summer cooldown, a new study found.

A one-bedroom in the city typically cost $3,980, while two-bedrooms fetched $4,470 in July, according to a Zumper study released Wednesday.

The city handily held onto the nation's highest rents, as it has since August 2021, with its prices being roughly $500 more expensive second-place Jersey City, the study found.

But while the cost of a typical New York City one-bedroom is more than twice the national median, renters in some pockets of the city are paying much, much less, according to the study.

"Nearly half of New York City’s neighborhoods have one-bedroom medians under $2,800 (which is the current median for a one bedroom home in both Boston and Miami)," the study states.

The finding is likely not surprising for New York City renters, but the Zumper analysis showed the rent disparities between 81 city neighborhoods in vivid detail.

NoMad was the city's most expensive neighborhood, with one-bedrooms fetching more than $6,000, the study found. By contrast, apartments in even some now-bustling neighborhoods such as Astoria, Ridgewood and Bushwick stood in the $2,000 to $3,000 range.

And one-bedroom rent was less than $2,000 in Queens neighborhoods like Jamaica and Flushing, Bronx areas including Allerton and Pelham Bay and Brooklyn spots like Bay Ridge and Bensonhurst, the study found.

Another significant finding was that New York City's rents for one- and two-bedrooms, rose by 2 percent and 5 percent, respectively, since June, the study found.

Nationally, however, prices only ticked up a tenth of a percent for one-bedrooms, according to the study.

"Though price increases have slowed dramatically, we don’t expect to see rents decrease anytime soon," said Zumper CEO Anthemos Georgiades in the study. "In reality, prices are still correcting after astronomical pandemic-era rent hikes."

Read the full Zumper study here.