A new report found that three of New York City’s boroughs were among the most expensive places to rent last month compared to other major cities in the United States.
RENTCafé recently released their January 2020 national rental report, which tracks trends in rental prices in cities throughout the country. According to their findings, the national average apartment rent reached $1,463 in January, up $43 since last year, marking a 3% increase year over year. However, in New York City the average rents in January far surpassed the national average.
According to the report, Manhattan had the highest average rent in January overall, not just compared to the big cities, with $4,210 per month. Despite the massive jump in price compared to the national average, this only marked a 0.05% change month to month.
Brooklyn found itself in the number four spot on the list of large cities with the highest rent. The borough had an average rent of $2,936 in January 2020, which data from RENTCafé found is a 0.20% decrease moth to month.
Queens also found itself high on the list of large cities with the highest rents, holding the sixth spot on the list. Last month, Queens had an average rent of $2,412 per month, which was a 0.08% increase month to month.
Read the full report at rentcafe.com.