NYC Surpasses San Francisco As Most Expensive Rental Market In The Country

[brooklynite]

Gothamist

With rents across the city beginning to surge back to pre-pandemic levels, New York has reportedly surpassed San Francisco as the country's most expensive rental market.

The median rent for a one-bedroom in New York is now $2,810, slightly outpacing the $2,800 average in San Francisco, according to a new report from the real estate website Zumper.

It's the first time that New York has held the top spot since the site began tracking rental prices in 2014. Just two years ago, the spread between the two cities was more than $800.

But while both urban areas saw rents drop off as residents fled during the early days of the pandemic, the cities have taken vastly different trajectories in recent months.

You can't make a city affordable if people want to live there...

[Klaralven]

1. San Francisco is about half the population of Manhattan

Parts of Manhattan are not coming back as fast as the rest of the boroughs.

Manhattan’s Once-Prized Walkable Areas Miss Out on Housing Boom

https://www.bloomberg.com/news/articles/2021-08-26/manhattan-s-once-prized-walkable-areas-miss-out-on-housing-boom?srnd=markets-vp

Looks like the southern half of Manhattan is not a hot market.

[Elessar Zappa]

2. Wish I could afford to live there.

I love southern Manhattan.

[Klaralven]

4. I knew someone who lived in a tiny studio 4th floor walkup in an old building near Katz Deli

I thought it was expensive and pretty grim.

[fescuerescue]

3. oh wow. I had always thought NYC was the most expensive

Wow. just wow. $2800 for a 1 bedroom box in the sky.

Someone else can have my spot there.

[Johnny2X2X]

5. Expensive

But in ones are also very high. And no one in NYC needs a car because the subway goes everywhere.

[Polybius]

10. Depends what part of NYC

There is no subway here in Staten Island.

[smirkymonkey]

6. I moved from San Francisco (Pac. Heights) to Manhattan when SF was still

somewhat affordable (about 20 years ago), but I always thought you got more for your money in SF than you did in NYC (in comparable neighborhoods). I'm in Boston now, which is also pretty expensive, probaby in the top 5 as far as rents go in the US, but you also get more space in Boston for the money as well.

Also, I always love living in the most walkable areas of town - not necessarily the busiest - but where you have most of what you need within walking distance. I don't have a family and I don't drive, so I have no desire to live out in the burbs and have a lot of space and property that is going to be a huge burden to take care of. The way I live now is easy and low maintenance and I will live this way as long as I can afford it.

[Elessar Zappa]

7. I'd love to live in Boston too

but I can’t afford it. All the cool cities price me out lol.

[smirkymonkey]

8. Well, I can't really afford to do much else other than pay rent. :)

It's 50% of my monthly income. Which is too much.

I suppose I could find something less expensive, but I really love where I live and at my age (58) I am not running around much anymore and am kind of a homebody, so it's important for me to live in a safe, quaint neighborhood and have a cozy place to live. It's not just a crash pad for me anymore like it was when I was in my 20's and 30's.

And on top of that, it's very liberal/democratic, so I feel very at home here.

[Polybius]

9. Is there anything the government can do to mandate costs?

I want 2 bedroom apartments for no more than $1,000, and moderate sized houses in Staten Island to cost the same as they do in West Virginia.

[brooklynite]

11. Why so high?

If you’re going to pick an arbitrary amount, why not $500?

And will you be cutting real estate taxes as well?

[Polybius]

12. I think $1,000 is more than fair

They can go for double that here in SI. Yes, cut real estate taxes as well.