NEW YORK (1010 WINS) -- New York saw the largest jump in rents for one-bedroom apartments since 2021, according to a new study from LendingTree.
The report won't come as a surprise to many New Yorkers, who are used to shelling out a significant part of their income just to live in the city.
But the numbers put the increases into focus: Between fiscal years 2021 and 2026, Fair Market Rents for one-bedrooms increased an average of $457 in 50 U.S. metros—but they rose by $854 in NYC, from $1,801 to $2,655.
Fair Market Rents (FMRs) are the federal benchmarks HUD uses to set housing assistance levels, based on what moderately priced, standard-quality rental units cost—typically around the 40th-percentile rent in a given area.
The runner-up for rent increases was San Diego, where one-bedroom rents spiked by $817, from $1,642 to $2,459.
On average across the 50 metros, one-bedroom rents increased from $1,122 in fiscal year 2021 to $1,578 in fiscal year 2026, a jump of 40.7%.
The increases have been a “massive strain” on renters, the report found.
“The reality for most renters is that their wages have likely not kept up with these rent increases,” the report said, citing a figure by the U.S. Treasury that found 90% of Americans live in counties where median rents and home prices grew faster than median incomes between 2000 and 2020.