Rent is too damn high! Or is it? While many New Yorkers are feeling the squeeze as landlords raise prices, new information has been released showing exactly where the Empire State falls in comparison to the rest of the country.

The first surprise is that month over month, most rents are actually decreasing. The median national rent, for example, fell from $1,942 in January 2023 to $1,937 in February. A change of five dollars in admittedly small, but the real differences start to appear when rents are examined for a full year.

New York had the tenth-highest rent increase in the United States in the last year (amlphoto)
New York had the tenth-highest rent increase in the United States in the last year (amlphoto)

Average Rent Costs in the United States

Over the last four years, rent has both risen and fallen. Its lowest national average was in January of 2020 (below), when the median rent was just $1,585. August of 2022 saw the highest national rates, when the median rent rose to $2,053. Some states, however, were hit harder than others. via Getty

Rent Increases in New York State

Although the largest rent increase from February 2022 to February 2023 wasn't in New York, it did take place in the northeast. New Hampshire's 23.92% 12-month rent increase is the largest of any state in the nation. South Dakota was close behind with a 23.41% increase.

The 9 States with Higher Rent Increases than New York

In order, New Hampshire, South Dakota, Arkansas, Florida, Mississippi, North Dakota, Delaware, Iowa, and Tennessee all had higher rent climbs in terms of percentage growth than New York, which had an increase of 10.91% since last year. But does that actually mean rent is more affordable here?

Rent Rates in New York State

The quick answer is no. While the percentage hikes may be higher in other states, it's important to keep the actual rent prices in mind as well. Statewide, New Hampshire has a reported average 2-bedroom rental cost of $1,948 in 2023, whereas New York lands at $2,532. 

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Though most of us may not be able to live like millionaires who can't be bothered by silly things like the cost of rent, we can still look at their houses. Check out the most expensive home for sale in Newburgh, NY that comes with its own movie theater and batting cage below, and keep scrolling to visit the lakeside castle in Orange County, NY that used to belong to Derek Jeter.

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