New York City is once again the Pepsi-Cola of exorbitant rent prices.
According to real estate site Zumper’s most recent analysis of rent in the city, the five boroughs are right behind San Francisco when it comes to sky-high apartment costs. The average price of renting a one-bedroom in NYC is currently $2,860 a month while the average rent for a two-bedroom is $3,220 per month. Yes, folks. That means the rent remains… too damn high.
While those somewhat depressing statistics may not initially seem like something worth celebrating, the good news is that both price points are actually down about 3-4% year-over-year. So while it’s a bit too soon to call the declining prices a trend, there’s at least some movement in the right direction.
Some other interesting highlights from the report, which you can read in full here, is that the areas with the highest Manhattan rents remain the usual culprits: Tribeca ($4,145), Chelsea ($3,740) and the West Village ($3,700). Meanwhile, the most “affordable” neighborhoods on the island are all clustered uptown: Central Harlem ($2,200), West Harlem ($2,150), and Washington Heights ($1,810). Morrisiana was the most affordable in the Bronx at $1,300 and Red Hook in Brooklyn saw the biggest rent dip, down 12.5%.
Hopefully, the water quality didn’t have anything to do with that.