New York area ranked most expensive metro area to rent, study finds

Close-up view of New York City style apartment buildings with emergency stairs along Mott Street in Chinatown neighborhood of Manhattan, New York, United States.
Photo via Getty Images

It is no secret that New York City is in the middle of a housing crisis. As post-COVID-19 pandemic deals on rentals disappear, record-breaking prices for apartments have made it increasingly difficult for New Yorkers to live in the city. 

The United States median rent recently surpassed $2,000 a month. Lawn Love, a lawn care service, compared 185 rental markets to figure out the 2022’s Most Expensive Metro Areas to Rent. The metro area of New York, New Jersey and Pennsylvania took the number 1 spot as the most expensive area to rent.

When compiling their data, Lawn Love considered average rent prices, including past year-over-year changes, renters insurance premiums, and the amount, at least 30%, of renters income going towards rent and utilities. 

Lawn Love also factored in Real Estate Investment Trusts due to increasing trends of real estate companies flipping foreclosed houses to rent at exorbitant rates.

According to data, “more than 56% of Gen Z and Millennial families desire to live in a home with a spacious yard, and landlords tend to outsource lawn care services rather than do it themselves.” Yet data continues to show that this dream of homeownership is becoming more and more of just a dream as NYC landlords continue to price tenants out of their homes to make up for their loss of money in the past 2 years.

While NY, NJ and PA took the number 1 spot, spots 2 and 3 were taken by Florida. Spots 4, 5 and 6 were all taken by California. 

Read more at lawnlove.com.

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