Expand / Collapse search
☰

NYC has nation's most expensive rent: Report

By
Updated  August 25, 2021 6:11pm EDT
New York City
FOX 5 NY

NYC takes top spot as city with nation's highest rent

According to a new report, New York City has unseated San Francisco as the city with the most expensive rent in the nation.

NEW YORK - As New York City makes a comeback from COVID-19, so is its real estate market.

According to the online rental platform, "Zumper," the city’s rents have overtaken San Francisco as the most expensive in the nation. A one-bedroom, on average, will cost renters about $2,810.

The pandemic initially devastated New York City’s real estate market, as city dwellers fled out of state or to the suburbs.

Janna Raskopf, a licensed real estate broker with Douglas Elliman, says rents are finally returning to pre-pandemic levels.

State of NYC commercial real estate

Commercial real estate in New York City was struggling before the pandemic. Now, businesses are getting creative as they try to mount a comeback.

"Most of the people who are coming to see my listings are back in the office— maybe it’s not five days a week, but they’re back three days a week in the office. Restaurants— it’s hard to even get a reservation," Raskopf adds.

She tells prospective tenants to be prepared, have their documents ready, and jump on any openings.

Neighbors say the people, the theatre, the music, the restaurants, and the ability to walk everywhere are just a few reasons why New York is coined "the greatest city in the world."

Get breaking news alerts in the free FOX5NY News app | Sign up for FOX 5 email newsletters | Get the Fox 5 Weather App