Why You Don’t Want to Rent a One-Bedroom Apartment in New York City

Why You Don’t Want to Rent a One-Bedroom Apartment in New York City

Edited by; TJVNews.com

Now that we are turning the corner on the dreadful Covid virus that devasted our lives for the last two years, many people are giving serious consideration to moving back to New York City.

But, as they say “Not So Fast!” According to a recent report in the New York Post, New York City takes the prize for being the most expensive in the country as it pertains to rent on a one-bedroom apartment,

The Post reported that according to an analysis by Zumper’s National Index, the median price for a one-bedroom apartment rental in the five boroughs as of February 1st was $3,100, a 26% year-over-year increase.

As it pertains to other cities in the United States, it appears that the second most expensive city in which to rent a one-bedroom is San Francisco, according to the Post report. The Post added that “the median price of a one-bedroom rental in San Francisco was $2,930 — or 11% higher than the same time last year.”

Zumper’s National Index also reported that Boston saw a whopping 32% increase in the median price of one-bedroom apartment rentals — $2,700 as of Feb. 1, as indicated in the Post report.

Because many disaffected New Yorkers and others in northeast metropolises decided to high tail it out of town during the height of the Covid pandemic, a large majority decided that Florida would be their best destination. Because of the warm weather and lower taxes, south Florida became the place to go, Due to the influx of people moving there, the Post reported that “the city that saw the largest year-over-year increase was Miami, where the median price of a one-bedroom apartment jumped 34% to $2,420.”

The top 10 was rounded by San Jose, California ($2,470); Washington, DC ($2,220); Los Angeles, California ($2,190); San Diego, California ($2,170); Oakland, California ($2,100); and Scottsdale, Arizona ($1,950), according to the Post report.

High rent rates are attributed to supply and demand. Cities that are popular for people to move to have a high demand for housing and usually they cannot accommodate everyone who wishes to live there. So, the owners of buildings in such cities are able to jack up the rent rate.

The Post reported that a recent study found that New York City approved less new housing per resident than any other city in the Northeast in 2020.

 

Now that a great deal of people are working remotely thanks to the Covid pandemic, they can live just about anywhere and still function at their jobs. As such, many employees in the northeast and elsewhere and relocating from such cities as New York to less expensive cities such as Miami, Florida and Austin, Texas. Both Florida and Texas have more temperate climates and the tax rate is much lower than in New York. The Post reported that both of these southern cities approved many times the number of new units as New York in 2020 — 7.6 and 17.8, respectively.