Whether you call it "The Big Apple", "The City That Never Sleeps", "Gotham" or plain old "New York, New York," there is no denying that NYC is one of the greatest cities in the entire world. Other cities have long since surpassed it in size, and yet for some reason, it is still the city against which all others are measured. It doesn't seem to matter what happens, New York remains in most eyes, the greatest city in the world.New York has a true metropolitan population, with people from all over the globe making their home there. It is the center of the global financial markets. Broadway is home to what many consider the greatest shows on Earth, and the shopping is unrivalled. However you define a great city, the chances are that New York is a standout.
The best time to look for apartments in New York City is usually in the dead of winter. The cold weather seems to also cool the apartment market, so landlords are more interested in making accommodations in order to get their suites filled. Look during January, February or March for the best results
Finding an apartment can be hard, especially when there are so many choices. With our filters, you can narrow your search by price, floorplan, and amenities. Looking for an apartment building with a fitness center, swimming pool, and easy access to a dog park? We've got you covered.
Getting an apartment in New York is tough. Almost every apartment you look at will have someone else interested in it, so you need to do everything you can to make your application stand out. If your applications aren't getting results on their own, consider hiring a broker to help you find a great place.
New York City is home to one of the greatest transit systems in the world. Very few people within the city choose to drive, unless they live in Staten Island, where car ownership is more common. If you live, work or study in any of the other four boroughs, your best option is to get a transit pass and avail yourself of the New York City subway system.
Whatever your taste in entertainment, New York can provide it. Multiple teams in all the major sports leagues should satisfy even the most rabid sports fans. The theatre in the city is the envy of the arts world. In addition, if you're moving to the city for the first time, making the requisite pilgrimages to the various tourist attractions in the city such as the Empire State Building and the Statue of Liberty can keep you occupied for some time.
Welcome to the May 2022 New York Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2022 key findings and figures for the New York rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in New York and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of New York average rent prices in the chart below.
New York rent prices decreased over the last month. From April to May, the city experienced a -0.26% decrease for the price of a one-bedroom apartment. The rent price for a New York one-bedroom apartments currently stands at $2,696.0.
When we take a look at the two-bedroom comparison from April to May, New York experienced a 0.95% increase for the price of a two-bedroom apartment. The rent price for a New York two-bedroom apartments currently stands at $3,408.0.
Rent prices have decreased in New York over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 6 of the New York suburbs increased last month. On the other hand, 0 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Jersey City, NJ, Hoboken, NJ, North Bergen, NJ, East Orange, NJ, Bronxville, NY, Morristown, NJ .
Rents did not decrease in any of the New York suburbs.
4 suburbs are currently priced higher than the city of New York.
2 suburbs are currently priced lower than the city of New York.
Rent growth in New York over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, New York average rent prices appear to be relatively affordable for local residents.
The price for a New York one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's May 2022 National Apartment Report and data set here.
For more information about New York and surrounding area rent prices, take a look at the complete data set below.
|1 BR May||1 BR M/M % Change||2 BR May||2 BR M/M % Change|
|New York, NY||$2,703.0||-0.66%||$3,376.0||1.02%|
|Jersey City, NJ||$2,836.0||0.53%||$3,649.0||-1.96%|
|North Bergen, NJ||$3,084.0||0.29%||$4,057.0||0.47%|
|East Orange, NJ||$1,630.0||0.80%||$1,869.0||0.00%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.