Rents across the United States have hit a record high, with the median rent for a one-bedroom apartment now reaching nearly $1,500 a month, according to the Zumper National Rent Index.
The sky-high rents are up almost 12 percent compared to the same time last year, the analysis finds. The jump in rents now beats out last year’s record rents.
Cities inundated with mass immigration — New York City, New York; San Francisco, California; Miami, Florida; Los Angeles, California; and Washington, D.C. — have the highest rents as thousands of new arrivals every month push up the cost of housing immensely, a boon for real estate investors and a kick in the gut for renters and first-time homeowners.
The median rent for a one-bedroom apartment in New York City, for instance, has jumped almost 40 percent since the same time last year, and rent for two-bedroom apartments has increased more than 46 percent.
In Manhattan, the median rent has hit $4,212. Meanwhile, on the west coast, rents have similarly skyrocketed. The median rent in San Francisco has hit more than $3,000 a month, while median rents in San Jose, San Diego, Los Angeles, Oakland, and Santa Ana range from $2,160 to $2,780.