SAN FRANCISCO — Rent in New York City has always been notoriously high, but this is just getting ridiculous. A new report reveals that the average rent for a one-bedroom apartment in the Big Apple now sits at $4,080! If that news isn’t bad enough, researchers have found that New Yorkers dealing with back-breaking prices could literally afford a palace in any other state for what they pay in monthly rent!
Overall, the National Rent Report from Zumper finds that New York’s $4,080 for the average one-bedroom is nearly $1,000 more than the next closest city, Jersey City, New Jersey ($3,170). In third place, California’s San Francisco is the only other city to break the $3,000 barrier in September 2023. However, four California cities found their way into the top 10 for the most expensive rents.
While the news in big cities seems pretty bleak, Zumper researchers note that things are getting better for cash-strapped renters after tumultuous times and uncertainty during the pandemic years.
“Rents are now almost flat year-over-year—something that would’ve been unimaginable even a year ago,” explains Zumper CEO Anthemos Georgiades in a media release. “That’s partially thanks to new supply coming online in many markets, and it’s welcome news for cost-burdened renters.”
What can $4,000 buy you across America?
With rent for a closet-sized apartment in New York City reaching $4,000 this year, the Zumper team wondered what that money would buy someone outside the Big Apple. The results were shocking. For $4,000, a New Yorker in a tiny, one-bedroom apartment could be living it up in anything from a three-bedroom penthouse in Milwaukee to a four-bedroom house with a yard in Atlanta!
Let’s look at how New York stacks up against nine other cities when it comes to spending $4,000 a month for rent:
New York, N.Y. — A studio apartment in the West Village
“For a whopping $3,985, you can land yourself this 500-square-foot studio apartment in the West Village. What this studio lacks in space it makes up for in coveted amenities for a New Yorker, including a dishwasher and air conditioning,” the Zumper team writes in their report.
Milwaukee, Wis. — 3-bedroom penthouse with panoramic views
Researchers say, for $3,900, you can get nearly 2,000 square feet of space in a penthouse apartment with three bedrooms AND three bathrooms! Renters can also enjoy panoramic views of downtown Milwaukee and the river.
Scottsdale, Ariz. — Newly renovated 3-bedroom home with in-ground swimming pool
“Far from the cramped studio in New York, NY, $3,700 can land you this newly renovated 3-bedroom, 2-bath home in the Scottsdale/Kierland area. With 1,896 square feet, you’ll have plenty of room for living and entertaining,” Zumper researchers report.
Las Vegas, Nev. — A contemporary loft with ‘artistic flare’
Zumper researchers found a 3,381-square-foot space located in a gated community only minutes from the Raiders stadium, the Las Vegas Strip, and the local airport. The $4,000 3-bedroom, 2-bath loft also comes with an expansive backyard, a jacuzzi, and is covered in modern artwork.
Columbus, Ohio — 4-bedroom home with tons of space
Want a giant home for the cost of New York City rent? Move to Ohio. For $3,500, Zumper found a stunning two-story brick home with a large basement for extra storage or more entertainment space.
“You’ll enjoy 3,550 square feet of living space with four bedrooms and three bathrooms. The home also has a living room T.V., grill, washer/dryer, and a sprinkler system,” researchers write.
Atlanta, Ga. — ‘Modern and sleek’ 4-bedroom home
For $4,000, researchers discovered some prime real estate right in the heart of Georgia. It features four bedrooms, three full bathrooms, a kitchen with a large island, granite countertops, stainless steel appliances, and a living room with a fireplace!
Miami, Fla. — High-rise condo with a rooftop pool
Although Miami has a reputation for being just as expensive as New York, the new report finds prices are actually cooling in the Florida hotspot. This is partially due to a shrinking population and an influx of new supply on the housing market.
For $4,000, the team discovered a two-bedroom, two-bathroom luxury condo. The building even features a state-of-the-art fitness center, an 11th-floor pool and sundeck with poolside cabanas, a large gym, a spa, and 24-hour concierge and security! Oh, and you’re living in sunny Miami!
Denver, Colo. — A charming 4-bedroom home in a prime location
“This charming 4-bedroom and 2.5-bathroom home is located only a few blocks from City Park Golf Course and the Denver Zoo,” the Zumper team writes. “With central air conditioning and a washer and dryer in the home, you’ll enjoy 2,027 square feet of convenient living space for $3,700 monthly rent.”
Austin, Texas — Pet-friendly living in East Austin
For the pet lovers looking for more space, the report found a 2,147-square-foot home in East Austin. Although this particular property is off the renter’s market as of October 2023, the three-bed, two-bath home was going for less than $3,500 at the time of the study.
Boise, Idaho — An entire ranch with an indoor swimming pool!
“Nestled on 9.5 acres of picturesque horse property in a highly sought-after location, this home offers a 3-bedroom layout plus a bonus room and 2.5 baths,” the Zumper team writes. “With an impressive 4-car garage and RV parking, storage abounds, making it a car enthusiast’s dream. Whether you have horses or not, you’ll relish the indoor pool, hot tub, wood-burning stove, stone countertops, and central vac system.”
Brace yourselves, New Yorkers. The monthly price tag for this home is $3,995.
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