Home News NYC, Boston most expensive rental cities in US: Report

NYC, Boston most expensive rental cities in US: Report

by admin
0 comment

Beantown and the Big Apple top the most expensive cities in America.

according to new report According to housing listing platform Zumper, New York City’s median monthly rent for a one-bedroom was $3,860 in October, making it the most expensive city in America. Boston, with a median one-bedroom monthly rent of $3,060, won the silver medal.

Boston is now in third place with an average one-bedroom price of $3,020, overtaking San Francisco, which is notoriously expensive.

Boston pushed Frisco to No. 2 in large part because Bostonians had to navigate “particularly low supply.”

It was the first eye-opening figure in two years as both one- and two-bedroom apartments saw domestic price declines at the same time. Nationwide, the median one-bedroom rent is $1,491 and the two-bedroom rent is $1,832.Yet they are part of greater deceleration What Zumper pointed out is trackable year-over-year.

Aerial view of the Boston skyline.
Getty Images
NYC holds the top slot in the metropolis with the highest rents in the US.
NYC holds the top slot in the metropolis with the highest rents in the US.
Tina Gallo/Douglas Elliman/Mega
zumper October 2022 rental report
Findings from Zumper’s October rental report.
Zamper

There are many reasons for this trend, including rising vacancy rates and fears of a recession. In fact, 76.2% of those surveyed for this report believe the US is already in recession.

Nevertheless, high interest rates and inflation are likely to keep rental prices competitive for the foreseeable future, but a new influx of supply over the next six months could benefit renters. There is a nature.

Zumper CEO Anthemos Georgiades said: “We have seen historic levels of migration throughout the pandemic as people switched to working from home and rethinking their living conditions. , occupancy rates have fallen and rents have followed suit.”

You may also like