NYC Rents Slightly Down, But Still No Bargain

January 3, 2017

Mariah Carey’s credibility was not the only thing to take a tumble in New York City: The January 2017 New York City Rent Report from Apartment List Inc. found the Big Apple’s rent prices were down 0.1 percent this past month and were up year-over-year by a relatively scant 0.7 percent.

Still, the market is not reinventing itself as an affordable housing hub: one-bedroom apartments carry a median rent of $3,200, while two-bedrooms cost $4,400. The Midtown East section is the most expensive neighborhood for renters—one-bedroom apartments have a $3,520 median rent while two-bedrooms there cost $6,550. The Financial District is experiencing the greatest price spikes, with median rents up 6.9 percent on a year-over-year basis. A one-bedroom apartment in this increasingly trendy community carries a median rent of $3,340, while two-bedroom units cost $5,140.

However, New York’s renters appear to be mostly satisfied with their situation. Apartment List’s recent Renter Satisfaction Survey for this market recorded a B grade for overall satisfaction, with high grades going to public transit (A+), access to parks (A-) and career opportunities (B), but poor grades going to state and local taxes (D), quality of local schools (D), and affordability/cost of living (F).

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