ALBANY, N.Y. (NEWS10) — Rent in New York has increased by 22% since January 2021, according to a report by QuoteWizard. Since 2019, rent has gone up by 14%.
According to the report, there are nearly 3.5 million renter-occupied housing units in New York. Compared to the rest of the United States, New York has the highest percentage of housing units that are rented at 46.5%.
In New York, the average rent is $1,608 per month for a one-bedroom apartment. In New York City, the average rent is $2,005 per month for a one bedroom. Rent in the City has increased 34% from the beginning of the year and 4% from 2019.
With renting an apartment, residents should also consider renters’ insurance. In New York, the average annual cost of renters’ insurance is $189. The national average annual cost is $179.
QuoteWizard sourced their demographic and geographic data from Standard and Poor’s Global Market Intelligence platform. The renters’ insurance information was from the National Association of Insurance Commissioners.
You can view the full report and see the renting data for each state on the QuoteWizard website.