According to Zumper’s latest National Rent Report, the cost of renting a one-bedroom apartment in New York City hit an all-time high in August for the second month in a row.

Residents are paying an average of $4,500 for a one-bedroom apartment in the city, up 12.8 percent from last year and 3.4 percent from July. Two-bedroom renters aren’t faring much better. According to Zumper, the median rent for a two-bedroom apartment hit a record high of $5,100 in August, up 13.3 percent year-over-year and 3.7 percent month-over-month.

These numbers make New York the most expensive city in the entire country to rent a one- or two-bedroom apartment. The second most expensive rental market, by comparison, was Jersey City (NJ), with a median rent of $3,400 for a one-bedroom and $3,900 for a two-bedroom. San Francisco (CA) came in third, with a median rent of $3,160 for a one-bedroom—a four-year high—and $4,220 for a two-bedroom.

Compared to New York, both Jersey City, New Jersey and San Francisco experienced much more modest rent growth. Between August 2023 and August 2024, Jersey City saw an annual increase of 1.5 percent for a one-bedroom apartment, while San Francisco saw an annual increase of 3.9 percent.

According to Zumper’s findings, rents have been rising across the U.S. In August, the average rent for a one-bedroom apartment nationwide rose 1.6 percent year over year to $1,534. The average rent for a two-bedroom apartment reached $1,915, up 2.7 percent year over year.

But New York’s rent increases mark a revival of the city’s market after rents fell to a four-year low in January 2021 during the COVID-19 pandemic. At the time, the average rent for a one-bedroom apartment was $2,350. Since then, rent has nearly doubled – confirming that New York’s rental market is the most expensive in the country.

“With a rental vacancy rate of 1.4 percent in 2023 – the lowest since 1968 – New York City faces a significant shortage of available housing relative to current demand,” the Zumper report said.

“The revival of urban life over the past two years, coupled with employers implementing return-to-office policies, has prompted many former suburbanites to return to the city. In addition, the peak summer moving season is putting even more upward pressure on rental prices here.”

According to a recent report from Moody’s Analytics, New York will be the city with the highest rent burden in the country in the second quarter of 2024, followed by Miami, Fort Lauderdale and Los Angeles.

Tenants in New York spent 57.7 percent of their income on rent between April and June. 30 percent is the threshold at which a city is considered rent-burdened.

Moody’s Analytics reported that the income required for comfortable rent in New York state rose 22 percent, from $111,237 in 2019 to $135,637 in 2024. The median household income in the state “does not allow for living in an average-priced apartment without burdens,” the company wrote.

Do you rent an apartment in New York City? We want to hear how you’re dealing with rising rent prices. Contact [email protected].