NYC's Rising Rent Reprieve Ends After 1 Month Of Falling Prices: Study

NEW YORK CITY — Sorry, renters — New York City's falling rents lasted all of one month, according to a new study.

The city's typical cost of one-bedroom and two-bedroom apartments respectively cost $4,200 and $4,640 during February, an analysis by Zumper found.

The rents reversed a rent dip in January to levels that — while still too damn high — broke an eight-month streak of rising prices, Zumper found.

New York City's one- and two-bedroom median prices not only rose 4 percent and 2.9 percent from January, but were substantially higher than the year before — a pattern shared with other large cities, the study found.

"Prices in New York City, Chicago, and Cleveland have climbed upwards of 20% annually," the study states.

January's rents had seemed like a bright spot after years of steady increases documented by various monthly real estate studies, which typically agree in broad details but differ in specifics.

Indeed, the prestigious monthly Elliman Report found prices in Brooklyn and Queens during January had stayed flat or fell.

Manhattan's median rent had ticked up to $4,150 for the first increase in three months during January, according to the Elliman study. But average rent fell, prices still were relatively cheaper overall and new lease signings rose, the study noted.

"Lower rents since the recent summer highs likely explain the rise in new lease signings in recent months," the study stated.

New York City remains the most expensive rental market in the nation, followed by Jersey City and long-vanquished leader San Francisco, according to Zumper.

Read the full Zumper study here.