Today's Video Headlines: 9/26/24
Anyone who’s tried to rent an apartment in New York City knows that it’s highly competitive and highly priced, and the latest data suggests this market is showing no signs of letting up.
“In contrast to the overall declining trend seen across the top 50 markets, the median asking rent in New York City continues to rise annually, increasing by $76, or 2.3%, compared to a year ago,” notes Realtor.com economist Jiayi Xu in her analysis. “Although New York City was one of the rental markets that saw the steepest rent declines during the pandemic, its median asking rent rebounded to pre-pandemic levels by spring 2022 and has continued to rise annually since then.
Much of the increase is likely due to artificially low pandemic-era rents meant to entice renters to stay in the city.New Yorkers were looking for smaller, more affordable apartments while the median asking rent for 0-2 bedrooms increased to $3,367.“This suggests a continued dip in demand in the most expensive borough, possibly reflecting an ongoing trend of workers opting for commutes and taking advantage of flexible work arrangements to secure more affordable housing, as Realtor.
The Bronx continues to be the most affordable place to rent among the boroughs, with a median rent of $3,163.
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