This new high comes shortly after the median rent rose to above $4,000 for the first time ever in September 2023. The new median rent price represents a 13.5% year-over-year increase when it came to one-bedroom units.
Additionally, two-bedroom units in New York City have also soared in median rent price, increasing 13.1% year-over-year to $5,000 in November 2023.
The soaring median rent has played a big role in city data concluding that more than half of the households in New York City being rent-burdened. According to the data cited in the report from Zumper, these households spend at least 30% of their income on rent.
Of the 100 cities across the country examined in the report, New York City ranked at the top in median rent. New York City is actually defying national trends when it comes to median rental prices for one-bedroom and two-bedroom units. The median rent is trending down nationally, but continues to rise in New York City.
One-bedroom units have increased in median rent by 1.4% from October to November 2023. The increase is even larger for two-bedroom units, going up 4.6% over that same span.
60 of the 100 cities on the list have one-bedroom median rents lower than last month and another 11 are flat month-over-month. New York City is one of the 29 that are up. Half the cities on the top 100 list have increased year-over-year since November 2022.