nothing-seems-to-stop-the-unaffordable-rents-in-new-york:-new-price-recordNothing seems to stop the unaffordable rents in New York: new price record
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By Andres Correa

03 Oct 2023, 09:30 AM EDT

Despite NYC Mayor Eric Adams’ much-publicized efforts during his election campaign and after taking office to make housing more affordable, rents remain at a record high.

The average cost of a one-bedroom apartment in New York City is currently $4,250, according to a new Zumper study. That price exceeds last year’s record by 9%.

The national average cost of a one-bedroom room has only increased a fraction of a percentage point compared to this time in 2022, but not so in New York. “Rents are now almost stable year over year, something that would have been unimaginable even a year ago,” said Zumper CEO Anthemos Georgiades. “That’s partly due to new supply becoming available in many markets, and it’s good news for cost-burdened renters.”

Behind New York City in the most expensive rental market is neighboring Jersey City, with an average cost of $3,200 for a one-bedroom home. On the other side of the country, San Francisco in California ranked third on the list.

The average cost of a two-bedroom home in NYC is around $5,000, according to data from Zumper, a privately owned online rental platform in North America that has more than 125 million visits a year. Their data analyzed the rental prices of more than one million active listings in more than 100 cities across the country, he said. Pix11.

One of the most recent measures taken in NYC to prevent speculation on housing prices was to pass a law that limits temporary rentals through platforms such as Airbnb, Vrbo and Booking.com.

In May of last year, it was determined that in New York the number of short-term rentals available had eclipsed that of apartments offered for long-term living, according to a comparison of reports from real estate firm Douglas Elliman and two number-crunching sites from Airbnb.

More than 2 million New Yorkers live in rent-stabilized apartments. According to Airbnb critics, many of its expensive listings fall into that category, unbeknownst to landlords and the public.

Ironically, prices in New York do not keep pace with the quality of life, which has deteriorated. In a recent survey, the majority identified crime (73%), the high cost of living (83%) and the massive arrival of immigrants (62%) among the greatest current concerns.

70% of NYC residents fear they will be victims of crime, according to another alarming survey released this summer.

By Scribe