The rental market for two-bedroom apartments in New York is experiencing significant price hikes, with median rents increasing by 17.5% over the past year. Reports indicate that the cost for two-bedroom units has reached as high as $5,560, with brokers observing an increase as landlords respond to rising expenses. While some analysts report more moderate yearly increases, there is consensus that two-bedroom rents are climbing rapidly, suggesting potential for record highs, especially as the typical summer rental season approaches.
Not everyone in the industry agrees it's quite that bad - although most confirmed that two-bedroom rents are definitely going way up.
This month, the median rent for two-bedroom apartments in New York jumped 17.5 percent compared to a year ago, according to a new report by the rental platform Zumper.
We're seeing price growth across the board, but the biggest price growth we're seeing is in the two-bedroom space.
The fact that this is happening before the summer, the typical season for setting rental records, suggests that more highs are possible in the coming months.
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