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New York City surpasses San Francisco as the country’s most expensive rental market

new-york-city-surpasses-san-francisco-as-the-country’s-most-expensive-rental-market

New York City has surpassed San Francisco as the most expensive apartment rental market in the country. 

According to August rental data from Zumper, an apartment listing company, San Francisco has fallen behind New York in median one-bedroom rent, with New York at $2,810 and San Francisco at $2,800. 

New York City surpasses San Francisco as the country's most expensive rental market

Image: Zumper

“This was unthinkable even two years ago,” reads the report. “In early 2019, median one-bedroom rent in San Francisco was more than $800 more than New York’s, but a combination of rising rent in the Big Apple and falling rent in the Bay Area caused the spread between rent in the two cities to slowly dwindle. In January 2020, the spread had fallen to $520.”

As detailed by Zumper, San Francisco and New York were two of the most impacted cities at the outset of the COVID-19 pandemic. Renters in both cities relocated, leading to increased apartment vacancies and plummeting rental prices. By January 2021, median one-bedroom rent had fallen 23.4 percent in San Francisco relative…

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