The cost of living in New York continues to rise due to skyrocketing apartment rental prices. Experts believe that prices have not yet peaked. In this post, we look at rental prices for one and two bedroom apartments in Brooklyn, Staten Island, the Bronx, Queens, and Manhattan. Rising prices are due to the fact that more people are moving to large cities. Thus, the housing market has formed a high demand for rent, and the number of offers is limited. Today, the median rent for a one-bedroom apartment is $3,930. Such rental prices are a record for any major US city. Prices for one-bedroom apartments have increased by almost 40% year on year (from August 2021 to August 2022). Two-bedroom apartments saw the biggest price increase, up nearly 47% year-on-year.
If we look at prices for individual areas of New York, then the increase in prices is even more shocking, especially for the most attractive areas of New York (For example, Manhattan and Brooklyn). Today, the average rent for an apartment with one in Brooklyn is $3,930 (+45% year-on-year). Two-bedroom apartments in Brooklyn are up 61% year-on-year to $4,210 a month.