Why You Shouldn't Rent One-Bedroom Apartments in New York

When it comes to the most expensive cities in America to rent a one bedroom apartment, New York is the king of the mountain and the peak of the summit. The median rental price for a one-bedroom apartment in the city's five boroughs was $1 as of Feb. 3, according to New York Post. Last year, according to analysis by Zumper's National Index, this price was 26% lower.

That's almost $200 more than San Francisco, the second most expensive city to rent a studio apartment.

The median rental price for a one-bedroom apartment in San Francisco was $2. This is 930% higher than at the same time last year.

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According to the National Zumper Index, Boston's median rental price for one-bedroom apartments has risen by as much as 32%. It was $2 as of February 700st.

The city that saw the most growth compared to last year was Miami. There, the median price of a one-bedroom apartment jumped 34% to almost $2.

The top ten also included San Jose, California ($2); Washington DC ($470); Los Angeles, California ($2); San Diego, California ($220); Oakland, California ($2); and Scottsdale, Arizona ($190).

Sky high rent in New York can be explained by the extremely high demand for housing in the city, combined with low supply. A recent study found that New York City approved fewer new housing developments per resident in 2020 than any other city in the northeastern United States.

At the same time, the relative high cost begins to subside slightly when renting larger apartments.