Manhattan, once again, is the most expensive place to rent in the US
Manhattan’s monthly rent reached an average of $4,190/month, according to one report
The report, by RentCafé, says that Manhattan rents have, in fact, lowered by 0.1 percent since the beginning of the year (the only decrease registered among large cities, the report says), but still remains at the top in the nation. RentCafé’s study looks at large, mid-size, and small cities separately and analyzed rent prices in June, based on rent data from the 260 largest cities in the country.
The national rent price average reached $1,465/month, according to RentCafé. Cities that follow Manhattan in the list of large cities include San Francisco with rents averaging at $3,697 and Boston at $3,509. Following Brooklyn, San Jose, CA, occupies the fifth place with rents at $2,789.
As far as large cities with the lowest rents, Oklahoma City is at the top of the list, with average rents at $769/month, followed by El Paso, TX, at $779/month.
It’s definitely not a surprise for New Yorkers, who face a deepening affordability crisis. The good news is that the recent bold package of rent laws passed in Albany will protect tenants in years to come—even with landlord groups recently filing a federal complaint against them.
See the detailed map below and the full report here.