Rents continue to skyrocket in NYC, Here is the average rent now

Rents continue to skyrocket in New York City

While the rate of rent increases is slowing now nationally, that is not the case in New York City.

NEW YORK - Big rent hikes across the United States are slowing down but that is not the case in New York City.

While the median rent around the country went up about 14% last year, it rose 23% in New York City according to a survey by Redfin.

The news was similar in Nassau County on Long Island and Newark in New Jersey where rents also went up 23% in the past year.

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The average median rent in all three areas is now $4,209 a month. That's double the national average of $2,032.

The report cites strong job growth and limited new housing construction for the big jumps in rent.

If you're looking for a place where rents are dropping, try Milwaukee. That metro area say a 10% drop in median rent prices in the past year.

Top 10 Metro Areas With Fastest-Rising Rents Year Over Year:
Cincinnati, OH (31%)
Nashville, TN (26%)
Pittsburgh, PA (24%)
New York, NY (23%)
Newark, NJ (23%)
Nassau County, NY (23%)
New Brunswick, NJ (23%)
Seattle, WA (22%)
Indianapolis, IN (21%)
San Antonio, TX (21%)