NYC Rental Market Poised To Become Priciest In The Country: Study

NEW YORK CITY — Rent in New York City has long been too damn high, but it could soon be the too damn highest in the country.

San Francisco's sky-high rents are in free fall amid the coronavirus pandemic, according to a new study by Zumper, a site that tracks rental issues.

That city's typical monthly rent for a one-bedroom still stands at a nation-leading $2,830 for October. New York City's rent is a close second, at $2,600, according to the study.

And more people are moving back into New York City and shying away from San Francisco, the study states.

"Both cities continued to experience large migration outflows, but the differences in the two city’s migration inflows may explain their diverging price trends and could lead to rental prices in New York stabilizing faster than in San Francisco," the study states. "Were this to happen and these trends continue, it is likely that New York will overtake San Francisco as the most expensive city in the country by 1-bed median price."

Any prospective renter can anecdotally confirm what several studies have found — New York City's is flooded with potential rentals at lower prices.

The study indicates that while prices may be dropping, the bottom may be in sight for New York City rents.

The top 10 cities for highest rental prices, according to the study, are:

1. San Francisco, $2,830
2. New York City, $2,600
3. Boston, $2,300
4. San Jose, $2,230
5. Oakland, $2,130
6. Los Angeles, $2,020
7. Washington, D.C., $1,990
8. San Diego, $1,800
9. Miami, $1,750
10. Fort Lauderdale, $1,680

Read the study here.