U.S. cities with the most extreme studio rent increases still no match for high cost of living in NYC
The only city in the Northeast to make the survey was Newark. The average rent for a studio apartment has increased 18.7 percent since last year to $1,362.
If you’re looking to save money on rent but don’t want roommates, then you’re likely looking at a studio apartment in NYC, but rents can still seem staggeringly high if you’re not used to NYC prices.
And rents have been ticking up even higher because there’s lots of new, high-end rental inventory on the market. Plus, would-be buyers are camping out in the rental market, and more tenants are choosing to renew their leases, giving landlords more leverage.
According to The Elliman Report for Manhattan, Brooklyn, and Queens rentals for January, the median rent for a Manhattan studio is $2,515, an increase of 3.5 percent over the prior year. The median rent for a Brooklyn studio was $2,300, an increase of 8.7 percent, and for Queens, it was $2,210, an increase of 9.5 percent over the prior year.
Rents for studios in some cities around the country are seeing much bigger swings, but remain far below what you pay in NYC, if you’re thinking of packing it in and moving somewhere else.
A new report from Apartment Guide looks at 100 cities around the U.S. with the most extreme studio rent increases and decreases. Two cities in Texas topped both lists: Arlington, Texas saw a 40.6 percent year-over-year increase in the average studio rent. Studio apartments there, the home of the Dallas Cowboys, rent for an average of $877.
Interesting, that rent is close to the average rent for apartments in Corpus Christi, Texas, which saw the steepest decline in average studio apartment rent: A 15.9 percent decrease since last year—but rents are still way below what you would see in NYC: The average studio listed there is just $824.
The only city in the Northeast to make the survey was Newark, which is about 40 minutes by car from Manhattan. The average studio rent has increased 18.7 percent since last year, and studios there rent for an average of $1,362.
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