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.