RENTBETTA.com, a website offering no fee New York City apartments for rent directly from building owners and leasing offices, announces average rent in the NYC area increased 4.7% monthly in August to $5,593.
Surging rents are attributed to high peak summer demand, strength in the regional job market, and restricted supply of market-rate apartments. The RENT BETTA team expects rents to cool through the late fall as seasonal demand fades, the job market weakens in response to interest rate policy, and an overhang of cases following the eviction moratorium are worked through, increasing available supply.
The data is based on over 1,000 no fee apartments on RENTBETTA.com. The site connects renters directly with dozens of no fee property management companies across New York City, making it easier to find and rent an apartment without paying a broker fee.
On a per-bedroom basis, splitting an apartment is more affordable than renting alone. In August, the average rent for a one bedroom apartment was $4,607, while a shared four bedroom apartment cost almost half at $2,457 per bedroom. Join NYC Speed Roommating Wednesday 6-8pm at Phebe’s to meet other roommates to go apartment hunting with.
A blog post with more data is available at RENTBETTA.com/blog/nyc-average-rent-august-2022.
About RENT BETTA
RENTBETTA.com offers no fee apartments from dozens of property management companies across NYC, saving renters thousands of dollars in broker fees. Users can book a tour and apply for any apartment on the site and will be connected directly with a leasing office, not a broker.
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Journalist? Email media@RENTBETTA.com for early access to original data on the NYC rental market.