NEW YORK (PIX11) — As more individuals move to the city than before the pandemic, rental rates in New York City are still rising rapidly with no end in sight.

The average rent for a one-bedroom apartment in the city is nearly $4,000. That’s a 4% increase in the last month and an almost 40% increase in the previous year. According to Zumper, this makes the city’s median one-bedroom rent the highest in the country.

This goes for all rental properties in the city, with prices for a two-bedroom apartment getting close to a 50% increase in the past year. However, these increases are not slowing down renters who are getting into bidding wars and signing leases sight unseen in all five boroughs, according to Zumper.

Zumper broke down rental prices in each borough:

Brooklyn

Brooklyn is the borough that has been impacted the most as renters swarm into the borough from increased rent in Manhattan, according to StreetEasy. According to Zumper, average rents are:

  • One-bedroom
    • Aug 2021 – $2,713
    • Aug 2022 – $3,927
    • 45% increase
  • Two-bedroom
    • Aug 2021 – $2,800
    • Aug 2022 – $4,506
    • 61% increase
People ride bikes to commute over the Brooklyn Bridge in New York City. (Photo by ANGELA WEISS/AFP via Getty Images)

Manhattan

Coming right behind Brooklyn is Manhattan, with the top 5 most affordable neighborhoods in Upper Manhattan (East Harlem, Hamilton Heights, Central Harlem, West Harlem, and Morningside Heights), according to StreetEasy. Mid-town and lower Manhattan renters care less about their commute as they are priced out of the borough. The following are the average rents, according to Zumper:

  • One-bedroom
    • Aug 2021 – $3,308
    • Aug 2022 – $4,212
    • 27% increase
  • Two-bedroom
    • Aug 2021 – $3,972
    • Aug 2022 – $5,283
    • 33% increase
FILE: Lower Manhattan as seen from the Edge, the highest outdoor sky deck in the Western Hemisphere, located in Hudson Yards in New York on March 10, 2022. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

Queens

Queens, like the rest of NYC, has seen an increase as landlords try to make up for lost profits over the pandemic. Central Queens has seen an uptick in searches, according to StreetEasy, because the asking prices of rentals in the area tend to be lower than the borough average median. Here are the numbers from Zumper:

  • One-bedroom
    • Aug 2021 – $2,200
    • Aug 2022 – $2,595
    • 18% increase
  • Two-bedroom
    • Aug 2021 – $2,479
    • Aug 2022 – $2,900
    • 17% increase
People walk at Gantry Plaza State Park in Queens, New York, on July 19, 2022, as a heat wave continues in Europe and North America. (Photo by Yuki IWAMURA / AFP) (Photo by YUKI IWAMURA/AFP via Getty Images)

The Bronx

The Bronx has the second lowest total rental availability as of Monday, with only Staten Island trailing them, according to StreetEasy. For those few rentals, here are the numbers, according to Zumper:

  • One-bedroom
    • Aug 2021 – $1,700
    • Aug 2022 – $1,982
    • 17% increase
  • Two-bedroom
    • Aug 2021 – $2,175
    • Aug 2022 – $2,465
    • 13% increase
NEW YORK, NY – FEBRUARY 07: A subway train travels on the elevated track over the snow-covered streets on February 7, 2021, in the Bronx borough of New York City. The second snowstorm in a week is expected to drop up to eight inches of snow in the New York City area. (Photo by David Dee Delgado/Getty Images)

Staten Island

Staten Island is the cheapest borough to live in by far and has had the lowest total rent increase in the city. This is proven by there only being around 90 available listings on StreetEasy at the time of this article. These are the lowest numbers, according to Zumper:

  • One-bedroom
    • Aug 2021 – $1,500
    • Aug 2022 – $1,582
    • 5% increase
  • Two-bedroom
    • Aug 2021 – $1,939
    • Aug 2022 – $2,133
    • 10% increase
Staten Island Ferry
The Staten Island Ferry passes the Statue of Liberty Sunday, Jan. 21, 2018, in New York. (AP Photo/Mark Lennihan)

What about rent-stabilized buildings?

More than two million rent-stabilized apartment tenants are facing the city’s most significant rent increase since 2013.

This comes as the Rent Guidelines Board voted to increase rent to 3.25% for one-year leases and 5% for two-year leases back on June 21. The hikes will take effect in October 2022.

What the experts are saying

PIX11 spoke to viral broker Cash Jordan to get his thoughts on the state of NYC’s rental prices:

Rent’s are smashing records but if a potential renter does enough research, affordable apartments can still be found. Its a good idea to begin your apartment search 60 days ahead of your desired move-date so you can gain an understanding of what apartments and neighborhoods fit within your budget.  Lastly, consider living with room mates to save money as multi-person apartments can have a per-person cost below that of a studio or 1-bedroom.

Cash Jordan

All in all, renters in New York City can expect these rental prices to stay around the same. However, that does not mean you can’t find an affordable place; as Cash said, start looking early.

For those apartment hunting right now, here is PIX11’s list of open NYC affordable housing lotteries for current rental unit listings.