The demand for rentals is highest from May to September, leading to increased costs during the peak leasing season, with prices significantly higher than previous years.
In New York City, the median rent for a one-bedroom has reached $4,500, representing a staggering 13% year-over-year increase, reflecting increasing demand and limited supply.
Rents nationwide have surged, now sitting nearly 21% higher than five years ago, with the fastest increases occurring in 2021 and 2022.
Even though national rent growth has slowed to 0.2%, regional disparities remain, with rents continuing to rise in some areas, particularly in the Northeast and Midwest.
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