NYC rent prices up 34% this year; 22% increase statewide: report

UES
An aerial general view shows apartment buildings of the upper east side of Manhattan. Photo credit Ed JONES / AFP

NEW YORK (WCBS 880) -- A new report shows rent prices in New York have shot up since the beginning of 2021.

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The QuoteWizard report said New York State has seen a 22% increase in rent costs statewide, while New York City rents have gone up 34% since January.

The report takes into account the cost of a one-bedroom apartment to come to its findings.

The pandemic has played around with rent costs nationwide, and even more so in New York City, where costs went way down in 2020.

In New York State, rent cost increased 14% since 2019, a smaller percentage change than what was seen just this year.

In New York City, the percentage change in rent costs from 2019 is just 4%, seeming to denote that renting has only just begun to rebound to pre-pandemic rates.

The report said the average price of a one-bedroom rental in New York City is $2,005, which only trials San Francisco ($2,341) and Boston ($2,013).

New York also topped the list for the highest percentage of renter-occupied housing units at 46.5%, ahead of second-place California by over one percentage point.

According to the report, Florida has seen the largest increase in rent this year, at 29%, followed by Rhode Island at 28% and Arizona at 27%. North Dakota saw the smallest change of just 1% — and the state’s rent is actually down 8% since 2019, the only state to see a decrease over that time period.

Among major cities, New York City had the biggest increase in rent over the year, followed by Mesa, Arizona (30%) and Seattle, Phoenix, Las Vegas and Jacksonville (27%). Mesa also saw the biggest increase since 2019 (43%).

Featured Image Photo Credit: Ed Jones/AFP