FIT is right near Chelsea, where there are a variety of restaurants to choose from. The HIT Korean Food & Deli is a lesser known restaurant where you can get a great lunch deal. Sergimmo Salumeria has delicious Italian food, and everybody loves Halal Food Carts for great ethnic food. Le Bernardin is a favorite for a quiet romantic dinner, but if you want some fast pizza, try Merilu Pizza Al Metro. The FIT Dining Hall, Express, and Starbucks on campus are not quite what the students are looking for, and most report that the options are limited and the prices are too high. Near Chelsea, there are many apartments. In this neighborhood, prices are very expensive. Studios start at about $1700/month. The Garment District has studios that are similarly priced, though there are some around $1600/month, as well. Midtown has slightly more reasonable prices, with studios available that are around $1200/month. With nearly ¾ of students living off campus, many opt to commute from out of the city to save money.
Welcome to the December 2022 New York Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 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 increased over the last month. From November to December, the city experienced a 4.78% increase for the price of a one-bedroom apartment. The rent price for a New York one-bedroom apartments currently stands at $3,242.0.
When we take a look at the two-bedroom comparison from November to December, New York experienced a 0.44% increase for the price of a two-bedroom apartment. The rent price for a New York two-bedroom apartments currently stands at $3,887.0.
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 5 of the New York suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Jersey City, NJ, Valley Stream, NY, New Hyde Park, NY, North Bergen, NJ, East Hills, NY .
Rent decreased in East Orange, NJ, Hoboken, NJ.
2 suburbs are 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.
You can view the full rundown of Rentable's December 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 December||1 BR M/M % Change||2 BR December||2 BR M/M % Change|
|New York, NY||$3,094.0||5.74%||$3,870.0||3.89%|
|Jersey City, NJ||$3,172.0||6.48%||$4,066.0||5.56%|
|Valley Stream, NY||$1,975.0||0.31%||$2,503.0||-2.15%|
|New Hyde Park, NY||$2,586.0||7.57%||$3,647.0||9.35%|
|North Bergen, NJ||$4,091.0||2.58%||$3,987.0||0.71%|
|East Orange, NJ||$1,610.0||-0.49%||$2,127.0||1.82%|
|East Hills, NY||$2,621.0||1.43%||$3,646.0||9.59%|
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.