New York City rents continue to decline amid COVID-19 in the new year

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A recent report found that New York City’s rents are continuing to decrease in the new year.

According to ApartmentList.com, during January 2021 New York City’s rents decreased by 0.6%. The report found that the city’s rents have been dropping for the past 13 months, marking a total decline of 21.2% over those months compared to this time last year. The last time rents declined was in December 2019.

Year over year, New York City rent growth has fallen by 8.4%, as well as the national average at -1.2%.

Chart via ApartmentList.com

According to the report’s findings, the median rents in New York are $1,525 for a one-bedroom and $1,605 for a two-bedroom, the latter is higher than the national average, which is at $1,092 for a two-bedroom. The report notes that this is more expensive than other cities such as Houston, where the median price for a two-bedroom apartment is $1,071.

New York City wasn’t the only city to see declines over the past year — according to the report, many cities nationwide also saw decreases, including San Francisco, which fell 27%, Seattle, which is down 20%, and Boston, which is down 19.4%.

Read the full report on apartmentlist.com.