Apartments in Soundview-Castle Hill-Clason Point-Harding Park New York

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$3,927
18-30 Whitestone Expy Whitestone, NY
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Clason Point
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New York:
December Rent Report

Welcome to the December 2024 New York Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2024 key findings and figures for the New York rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in New York and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of New York average rent prices in the chart below.

Monthly Rent Report

$4,900
$3,680
$2,450
$1,230
$0
Jan. 2024
Feb. 2024
Mar. 2024
Apr. 2024
May. 2024
Jun. 2024
Jul. 2024
Aug. 2024
Sep. 2024
Oct. 2024
Nov. 2024
Dec. 2024
1 BR       2 BR

New York Rent Prices Decrease From November to December

New York rent prices decreased over the last month. From November to December, the city experienced a -1.83% decrease for the price of a one-bedroom apartment. The rent price for a New York one-bedroom apartments currently stands at $4,134.0.

When we take a look at the two-bedroom comparison from November to December, New York experienced a -1.81% decrease for the price of a two-bedroom apartment. The rent price for a New York two-bedroom apartments currently stands at $4,723.0.

December Prices: New York vs. Surrounding Areas

Manhattan, NY
New York, NY
Jersey City, NJ
Morristown, NJ
Brooklyn, NY
Hackensack, NJ
$4,942
$4,211
$3,393
$2,785
$2,591
$2,248
$0
$1,650
$3,300
$4,950
$6,600
Median 1 BR Rent

Rent Prices in New York and Surrounding Areas

Rent prices have decreased in New York over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 0 of the New York suburbs increased last month. On the other hand, 5 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rents did not increase in any of the New York suburbs

  • Rent decreased in Jersey City, NJ, Brooklyn, NY, Manhattan, NY, Hackensack, NJ, Morristown, NJ.

  • 1 suburb is currently priced higher than the city of New York.

  • 4 suburbs are currently priced lower than the city of New York.

December 2024 Pricing Trends: New York vs. National Comparisons

New York, NY
San Francisco, CA
Los Angeles, CA
Washington, DC
Chicago, IL
Columbus, OH
Minneapolis, MN
Pittsburgh, PA
$4,134
$3,160
$2,389
$2,353
$1,914
$1,318
$1,255
$1,234
$0
$1,350
$2,700
$4,050
$5,400
Median Rent

New York Rent Prices More Affordable Than Major Cities

Rent growth in New York over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, New York average rent prices appear to be relatively affordable for local residents.

The price for a New York one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about New York and surrounding area rent prices, take a look at the complete data set below.

Data set for New York and suburbs

1 BR December 1 BR M/M % Change 2 BR December 2 BR M/M % Change
New York, NY $4,211.0 0.53% $4,810.0 2.30%
Jersey City, NJ $3,393.0 -1.42% $4,591.0 -0.09%
Brooklyn, NY $2,591.0 -9.66% $2,652.0 -1.74%
Manhattan, NY $4,942.0 -3.19% $7,269.0 -2.02%
Hackensack, NJ $2,248.0 -3.44% $3,469.0 -1.17%
Morristown, NJ $2,785.0 -2.04% $3,614.0 -2.25%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.