New York is an expensive place for renters, but the mantra oft recited among Gothamites bemoaning the cost of their leases tends to be something like, “Well, at least it’s not as bad as San Francisco.”
The city by the Bay, once again, was the most expensive for renters in the United States in 2017, according to an annual report from listings service Abodo. New York ranked second, with the average rent for a one-bedroom in the city sitting at $2,811 in 2017, a far cry from the average cost of $3,333 for the same types of units in San Fran. Heck, the average rent for a two-bedroom within the five boroughs last year was whopping $3,234, which is somehow still less than a smaller unit out west.
Other than a general sense of schadenfreude towards Frisco residents, Abodo’s report offers another—albeit small—silver lining for New Yorkers. According to its data, the average cost of rent dipped by roughly 4.5 percent in 2017 from 2016, a small sign that our collective nightmare of jacked up rents may be coming to an end. (It isn’t, but it sure is a nice thought.)