New York City has lost its status as the highest rental market in the U.S., now surpassed by Boston with an average of $3,495 compared to NYC's $3,489. Despite this, NYC still faces steep rent increases, with a 4.14% rise year-over-year, slightly more than Boston's 4.06%. Newark has the largest increase at 8.11%, highlighting the shifting dynamics of rental prices. The report indicates California cities are also facing high rents, complicating the housing crisis across major metropolitan areas. Average rents in NYC remain 144% higher than the national average, keeping affordability a concern.
As of February 2025, New York City no longer holds the crown for highest average rent, being edged out by Boston by a mere $6.
New York City rents are still rising faster year over year at 4.14% compared to Boston's 4.06%, making rent pain more acute for New Yorkers.
Neither city saw the biggest rent hike; that belongs to Newark, where rents surged 8.11% in just a year, amounting to a startling 46.5% increase in five years.
New York's average rent is still 144% higher than the national average, indicating serious affordability issues despite not ranking as the most expensive.
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