NYC surpasses San Francisco as most expensive rental market

NEW YORK (WABC) -- A new report has found that for the first time, New York has surpassed San Francisco as the most expensive rental market.

The average rent for a one-bedroom apartment in New York is now $2,810, compared to $2,800 in San Francisco.

With the rollout of COVID vaccinations and the easing of restrictions, rent in NYC has risen nearly 20% since January, meaning rent has returned to practically pre-pandemic levels.

However, in San Francisco where tech companies have adopted more permanent work-from-home policies, the rent has only rebounded 4.5%.

Other cities with rising rents amid the ongoing pandemic include Salt Lake City, Utah; Knoxville, Tennessee; Raleigh, North Carolina; Austin, Texas and Phoenix, Arizona.

Cities that saw falling rent prices include Chattanooga, Tennessee; Baltimore, Maryland; Milwaukee, Wisconsin; Rochester, New York and Fort Worth, Texas.

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