Apartments in New York
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
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 November 2023 New York Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the November 2023 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 increased over the last month. From October to November, the city experienced a 0.25% increase for the price of a one-bedroom apartment. The rent price for a New York one-bedroom apartments currently stands at $3,958.0.
When we take a look at the two-bedroom comparison from October to November, New York experienced a 0.61% increase for the price of a two-bedroom apartment. The rent price for a New York two-bedroom apartments currently stands at $4,623.0.
Rent prices have increased 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 3 of the New York suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Brooklyn, NY, Yonkers, NY, East Orange, NJ .
Rent decreased in Jersey City, NJ, Manhattan, NY, Harrison, NJ.
1 suburb is currently priced higher than the city of New York.
5 suburbs are currently priced lower than the city of New York.
Rent growth in New York over the past year has been on the rise. 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.
For more information about New York and surrounding area rent prices, take a look at the complete data set below.
|1 BR November||1 BR M/M % Change||2 BR November||2 BR M/M % Change|
|New York, NY||$3,948.0||-1.94%||$4,595.0||-2.50%|
|Jersey City, NJ||$3,602.0||-0.72%||$4,762.0||-2.34%|
|East Orange, NJ||$1,708.0||9.21%||$2,317.0||8.93%|
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.