New York City has surpassed San Francisco in the cost of renting its apartments to become the most expensive in the U.S., a reflection of a rise “that is accelerating at an alarming rate” across the country 18 months after the onset of the COVID-19 pandemic, according to a study released Tuesday.
The Zumper rental ad platform revealed that the average rental of one-bedroom apartments in the Big Apple rose in August to $ 2,810, slightly more than in San Francisco (2,800) but nonetheless surpassing -the first time since 2014, when he started collecting data.
In its August report, the platform ranks as the next most expensive cities for the cost of renting a single apartment in Boston ($ 2,300), San Jose (2,200), Washington DC (2,160), Los Angeles 2,050), Oakland (2,000), San Diego (2,000), Miami (1,880) and Santa Ana (1,830).
“Nationwide rental growth continues to accelerate at an alarming rate. Zumper’s national rental index shows that average one-bedroom apartment rent has risen 9.2% since the second quarter of 2020 , while those of two rooms even more, 11% “, shells.
The average rent for individual apartments was $ 800 more expensive in San Francisco than in New York in early 2019, but the rise in the Big Apple and the cheapening of the Bay Area, added to the significant factor of the pandemic, has narrowed that gap, according to the study.
These two cities were the two most affected by the restrictions imposed at the start of the pandemic, with tenants leaving large cities to generalize remote labor, which brought about 20% of prices down. annual, but the trend has changed with the reopening of businesses.
“People have returned to New York as the interior of restaurants and other urban amenities that make the city popular have become available again. Rents began to rise as a result. Since January, New York has gone up. 19.6% “and is at a level very close to before the pandemic broke out. EFE