Rent in New York City remained the most expensive in the nation, according to a new Zumper study. And it’s getting even more pricey — the monthly cost for one- and two-bedroom apartments shot up 30.4 percent and 26.1 percent, respectively, from last year.
According to the study, the typical one-bedroom rent nationwide in March costs $1,400 — an all-time high, but that’s a drop in the bucket compared to the typical cost of a New York City one-bedroom this month: $3,260.
Whether in New York City or elsewhere, the cost of renting so far this year is rising faster than in 2021, that rent growth in 2022 is outpacing 2021 is a sobering thought, given that 2021 likely experienced the most rent growth of any year in a generation. Rents climbed after vaccine rollouts drove Americans’ return to cities, and now the average tenant is on the brink of being rent-burdened.
A report by Realtor.com revealed that in February, tenants earning the median income in their metro areas were spending nearly 30 percent of their earnings on rent, up from 25 percent a year earlier. And now, the Miami metro area ranks as the most rent-burdened in the nation.
The City of Miami experienced the most rent growth of any city in the country in 2021, and as a result, it’s risen on Zumper’s Top 10 list of most expensive markets in the country. As of March, Miami has jumped past San Jose to fourth on the list, with a median one-bedroom rent of $2,500. That’s a mindblowing 38.9 percent increase over March of last year.
According to the Realtor report, in the Miami metro area, which encompasses Fort Lauderdale and West Palm Beach, tenants, on average, spent nearly 60 percent of their monthly income on rent, up from around 37 percent in February of 2021.
The federal government considers any tenant devoting more than 30 percent of income to housing rent-burdened. The average tenant in the 50 largest U.S. cities is now at that threshold.
Here is a snapshot of the first five positions from the Zumper report:
(source: patch.com, zumper.com, therealdeal.com)
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