New York City has officially passed San Francisco as the most expensive market in the United States, a new report finds.
Zumper's National Rent Report released the average cost for a one-bedroom rent in 10 cities across the United States with New York City taking the title as the most expensive city in the United States. New York City's median one-bedroom rent is calculated at $2,810 with San Francisco close behind at $2,800.
Due to the COVID-19 pandemic, both cities saw a major decline in rental costs with the median rent in San Francisco dropping by 23.4% and in New York City dropping by 17.5% , according to the report. However, rents in the two cities have been on different trajectories since January when the COVID-19 vaccine rollout began.
The report states, that New York City rent has surpassed that of San Francisco due to the fact that tech workers make up a large portion of residents in San Francisco and tech companies are more likely to have adopted broad or permanent work-from-home policies. Working from home allows those workers to live and work from anywhere they want.
Check out the full report here.