2157 Luxury Apartments for rent in New York, NY

Last updated November 19 at 12:32pm UTC
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November 2017 New York Rent Report

Welcome to the November 2017 New York Rent Report. In this report, we'll evaluate trends in the New York rental market, including comparisons to cities throughout the state and nation.

View full New York Rent Report
Rent Report
New York

November 2017 New York Rent Report

Welcome to the November 2017 New York Rent Report. In this report, we'll evaluate trends in the New York rental market, including comparisons to cities throughout the state and nation.

New York rents declined marginally over the past month

New York rents have declined 0.2% over the past month, and are down slightly by 0.2% in comparison to the same time last year. Currently, median rents in New York stand at $2,090 for a one-bedroom apartment and $2,490 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in August. New York's year-over-year rent growth lags the state average of 1.1%, as well as the national average of 2.7%.

Rents rising across cities in New York

While rent decreases have been occurring in the city of New York over the past year, cities in the rest of the state are seeing the opposite trend. Rents have risen in 6 of the largest 10 cities in New York for which we have data. The state as a whole logged rent growth of 1.1% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Hoboken is the most expensive of all New York's major cities, with a median two-bedroom rent of $2,580; of the 10 largest New York cities that we have data for, 4 have seen rents fall year-over-year, with White Plains experiencing the fastest decline (-2.1%).
  • Hackensack, Buffalo, and Rochester have all experienced year-over-year growth above the state average (5.2%, 3.4%, and 3.3%, respectively).

Comparable cities nationwide show more affordable rents compared to New York

As rents have fallen slightly in New York, many other large cities nationwide have seen prices increase, in some cases substantially. Compared to most similar cities across the country, New York is less affordable for renters.

  • New York's median two-bedroom rent of $2,490 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 0.2% decline in New York.
  • While rents in New York fell slightly over the past year, many cities nationwide saw increases, including Seattle (+4.2%), Los Angeles (+3.9%), and Atlanta (+2.4%).
  • Renters will generally find more expensive prices in New York than most other large cities. For example, Houston has a median 2BR rent of $1,010, where New York is nearly 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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
New York $2,090 $2,490 -0.2% -0.2%
Newark $1,160 $1,380 0.1% -0.4%
Jersey City $1,570 $1,870 -0.2% 0.0%
White Plains $1,800 $2,140 1.3% -2.1%
Hoboken $2,160 $2,580 -0.3% 0.6%
West New York $1,220 $1,460 -0.4% 2.8%
Hackensack $1,460 $1,740 -0.2% 5.2%

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.