NEW YORK (1010 WINS) — New York City has surpassed San Francisco as the U.S. city with the highest apartment rental prices, according to a new report.
Median rent for a one-bedroom apartment in the five boroughs was $2,810 this month — $10 more than San Francisco’s median one-bedroom rent, which stood at $2,800, a report released by rental platform Zumper on Tuesday shows.
Boston, San Jose and Washington, D.C. took the third, fourth and fifth spots on the ranking, with $2,300, $2,200 and $2,160 median one-bedroom rents, respectively, according to the report.
“It’s the first time New York has been ahead of San Francisco since Zumper started tracking rental data in 2014. This was unthinkable even two years ago,” the report said.
Rents in New York City and San Francisco “have been on different trajectories since January, when the vaccine rollout began,” the release noted.
“People returned to New York as indoor dining and other urban amenities that make the city popular became available again. Rent began to rise as a result,” the report said. “Since January, New York has risen by 19.6 percent and is now down only 1.4 percent relative to March 2020, meaning rent in the Big Apple has returned to roughly where it was before the pandemic.”
In San Francisco, meanwhile, where tech workers “make up a disproportionate share of residents in the city,” many tech companies have allowed workers to continue to work remotely, according to the report.
“This allows those workers to live anywhere they want, and many of them have decided they don’t want to live in San Francisco,” the report said. “While median one-bedroom rent has risen in San Francisco during 2021, the growth has been considerably less than New York’s.”
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