New York City, Nationwide Rent Up 14% in December

Real estate brokerage company Redfin reported a 14% increase in rent throughout the United States in the past year. This is the largest increase in rent prices since the company began recording rent prices in February 2019.

Redfin’s report was conducted by monitoring data from 20,000 apartment buildings throughout the country. The rental data used in the report reflects all apartment sizes that are available for rent.

New York City was ranked third among the top ten metropolitan cities to see a rent increase of over 30%. From December 2020 to December 2021, New York City rent prices increased by 34%. The average cost of rent in the city was listed as $3,718 in the report.

Redfin’s findings reflect other reports published recently. Zumper, a home rental website, also released a report regarding the rise in rent prices from year-to-year.  Zumper’s report focused solely on the cost of one bedroom apartments throughout the country, finding New York City had the most expensive rent price at a median cost of $3,190. 

Zumper also found that New York City’s rent prices increased the fastest among other U.S. cities from December 2020 to December 2021, with an increase of 32.4%. 

Jeff Andrews, a data journalist for Zumper, said in a recent statement that rent prices are not expected to fluctuate as greatly in 2022 as they have in the past. 

“We expect a more ‘normal’ year,” said Andrews, “where economic fundamentals drive rent, as opposed to the pandemic-related migration patterns that have driven rent in NYC over the last two years.” 

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