Despite recent price drops in rent, New York City remains one of the highest rent markets in the country.
Zumper recently released their monthly rental report ahead of November 2020. According to their findings, throughout the month of October, the national one-bedroom median rent decreased 0.5% last month to $1225, while the 2-bedroom median decreased by 0.4% to $1483.
New York City ranked second in the nation with the highest rental market, behind San Francisco which is first. According to the report, the price of one-bedroom rent fell another 1.9% to $2,550, while two-bedrooms dropped 3% to $2,900. The prices for one and two-bedrooms in New York are down 15% and 17.1%, respectively, year-over-year.
The report noted that the decrease in prices in New York could indicate that the drops may be reaching the floor and might result in price stabilization in the future.
Read the full report at zumper.com.