Rents drop in NYC for first time in eight months: report

The median rent price for one-bedroom and two-bedroom units in New York City both went down from December 2023 to January 2024, marking the first time since May that these prices went down month-over-month, according to a report by the real estate firm Zumper.

The median rent for one-bedroom units in New York City decreased 2.9% from $4,161 in December 2023 to $4,040 in January 2024. Over the same period of time, two-bedroom units saw the median rent dip 6%, from $4,798 to $4,510.

Despite the month-over-month decrease, New York City maintained its number one spot as the city with the highest median rents, according to the study. The median rents of $4,040 and $4,510 were significantly more than second-place Jersey City, which had median rents of $3,220 for one-bedroom units and $3,940 for two-bedroom units.

Year-over-year, New York City ended up experiencing increases in median rents for these units. One-bedroom units had a median price increase of 9.5%, from $3,690 in January 2023 to $4,040 in January 2024. At the same time, the median rental price for two-bedroom units rose 8.7%, from $4,149 to $4,510.

“We’re seeing supply and demand switch places in real time,” Zumper CEO Anthemos Georgiades said. “Pandemic-fueled migrations [back to New York City] have slowed just as new multifamily buildings are coming online in many markets. And, to top it off: winter is a slow season for moves, driving demand even lower. Renters have more leverage right now than anytime in recent memory; now is the time to renegotiate existing leases or score a deal on a new apartment.”