2443 Luxury Apartments for rent in New York, NY

Last updated August 21 at 11:06pm UTC

August 2018 New York Rent Report

Welcome to the August 2018 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 state and nation.

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Rent Report
New York

August 2018 New York Rent Report

Welcome to the August 2018 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 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 1.1% in comparison to the same time last year. Currently, median rents in New York stand at $2,110 for a one-bedroom apartment and $2,510 for a two-bedroom. New York's year-over-year rent growth leads the state average of 0.7%, but trails the national average of 1.2%.

Rents rising across cities in 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. New York as a whole logged rent growth of 0.7% over the past year. Here's a look at how rents compare across some of the largest cities in the metro.

  • Looking throughout the metro, Hoboken is the most expensive of all New York metro's major cities, with a median two-bedroom rent of $2,620; of the 10 largest cities in New York metro that we have data for, Union City and White Plains, where two-bedrooms go for $1,660 and $2,100, are the only two major cities in the metro to see rents fall year-over-year (-2.4% and -0.8%).
  • Rochester, Syracuse, and Newark have all experienced year-over-year growth above the state average (3.0%, 1.7%, and 1.7%, respectively).

Other large cities nationwide show more affordable rents compared to New York

As rents have increased slightly in New York, other large cities nationwide have seen rents grow more quickly. Compared to most similar cities across the country, New York is less affordable for renters.

  • New York's median two-bedroom rent of $2,510 is above the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 1.1% rise in New York.
  • While New York's rents rose slightly over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Chicago (-1.8%).
  • Renters will generally find more expensive prices in New York than most other large cities. For example, Houston has a median 2BR rent of $1,030, 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 $2,110 $2,510 -0.3% 1.1%
Newark $1,190 $1,420 -1.5% 1.7%
Jersey City $1,590 $1,900 0.8% 0.1%
Union City $1,390 $1,660 -1.6% -2.4%
White Plains $1,760 $2,100 1.7% -0.8%
Hoboken $2,200 $2,620 0.1% 0.8%
West New York $1,230 $1,460 -0.3% 0.1%
Hackensack $1,440 $1,720 0.2% -0.1%

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.