163 Cheap Apartments for rent in New York, NY
October 2019 New York Rent Report
Welcome to the October 2019 New York Rent Report. New York rents declined over the past month. In this report, we'll evaluate trends in the New York rental market, including comparisons to cities throughout the metro, state, and nation.
October 2019 New York Rent Report
Welcome to the October 2019 New York Rent Report. New York rents declined over the past month. In this report, we'll evaluate trends in the New York rental market, including comparisons to cities throughout the metro, state, and nation.
New York rents declined moderately over the past month
New York rents have declined 0.3% over the past month, but are up slightly by 1.5% in comparison to the same time last year. Currently, median rents in New York stand at $2,134 for a one-bedroom apartment and $2,542 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in June. New York's year-over-year rent growth leads the state average of 0.7%, as well as the national average of 1.4%.
Rents rising across the New York Metro
Throughout the past year, rent increases have been occurring not just in the city of New York, but across the entire metro. Of the largest 10 cities that we have data for in the New York metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Union City has seen the fastest rent growth in the metro, with a year-over-year increase of 8.9%. The median two-bedroom there costs $1,811, while one-bedrooms go for $1,520.
- Over the past year, Bayonne has seen the biggest rent drop in the metro, with a decline of 1.0%. Median two-bedrooms there cost $1,567, while one-bedrooms go for $1,316.
- Hoboken has the most expensive rents of the largest cities in the New York metro, with a two-bedroom median of $2,673; rents decreased 0.2% over the past month but were up 1.9% over the past year.
Other large cities nationwide show more affordable rents compared to New York
As rents have increased slightly in New York, a few other large cities nationwide have also seen rents grow modestly. Compared to most similar cities across the country, New York is less affordable for renters.
- Rents increased marginally in other cities across the state, with New York as a whole logging rent growth of 0.7% over the past year. For example, rents have grown by 1.2% in Rochester and 0.7% in Buffalo.
- New York's median two-bedroom rent of $2,542 is above the national average of $1,189. Nationwide, rents have grown by 1.4% over the past year compared to the 1.5% rise in New York.
- While New York's rents rose slightly over the past year, many cities nationwide also saw increases, including Boston (+1.8%), Seattle (+1.4%), and DC (+1.4%).
- Renters will generally find more expensive prices in New York than most other large cities. For example, Buffalo has a median 2BR rent of $888, where New York is more than two-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.