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New York State Rent Report – September 2019

  • The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.
  • Syracuse, NY renters saw the highest monthly rent increase in September, with the average rate reaching $1,139 per month. 
  • Mineola apartments are the most expensive, while apartments in Cheektowaga have the cheapest rents. 

The first monthly decline in over two years brings the U.S. average rent down to $1,471

As part of a seasonal respite, the national average rent decreased for the first time since February 2017, dipping by -0.1% ($1) from last month to $1,471. The decrease might seem insignificant, but coupled with the slowest year-over-year hike in the past 13 months, 3.2% ($45), it points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to Yardi Matrix.

Renting in New York State in September 2019

The average rent in New York State cities is just about evenly split between cities with rents higher and lower than the national average. The fastest growing rents in September were in Syracuse, where apartment prices increased by 2.2% month over month, or $25. Tonawanda apartments saw the second highest monthly increase, jumping by 2.0% and making them $18 more expensive than last month, while in Troy prices decreased by 1.3% ($15) compared to August.

Mineola apartments are the area’s most expensive for renters, with an average rent of $2,817, followed by apartments in White Plains, where the average monthly rent is $2,814. Meanwhile, the most affordable of the cities analyzed is Cheektowaga, with an average apartment rent of $868.

To compare the rental market in New York State with other cities in the U.S., you can also check our national September rent report.

Methodology

RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

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About the author

Sanziana Bona

Sanziana Bona is a creative writer and researcher for RENTCafé, with a strong passion for the dynamic real estate market, covering topics from lifestyle to market trends. She has a B.A. in International Relations and Spanish from Michigan State University, a LL.M. in International Business Law, Contracting and International Relations from Instituto Superior de Derecho y Economía. You can connect with Sanziana via email.

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