Latest news with #ZORI
Time Out
25-06-2025
- Business
- Time Out
NYC apparently doesn't have the highest average rent in America—frankly, we're flabbergasted
New Yorkers are used to finishing first in many categories— bagels, Broadway, complaining—but according to a new report, our signature pastime of rent-related suffering might not top the charts anymore. That's right: As of February 2025, New York City no longer holds the crown for highest average rent in America. Pause for dramatic gasp. SmartAsset's latest ranking, based on Zillow's Observed Rent Index (ZORI), puts Boston at the top of the rent mountain, with an average monthly price tag of $3,495 for all homes. New York came in just behind at $3,489. Yes, by a mere $6, the financial equivalent of an oat milk latte. But don't get too comfortable. New York City rents did rise more steeply year over year, jumping 4.14-percent compared to Boston's 4.06-percent. And if you're a numbers person, you'll know that makes our rent pain a little more acute. Still, neither city saw the biggest hike: That dubious honor belongs to Newark, New Jersey, where rents surged 8.11-percent in just one year. From $2,073 to $2,241, Newark's five-year climb totals a whopping 46.5-percent, giving fresh ammo to New Yorkers who never bought the 'Jersey is cheaper' narrative. The rest of the top five reads like a California dream turned financial nightmare: San Francisco ($3,368), Irvine ($3,306) and San Jose ($3,131) rounded out the most expensive markets. California dominated the top 10 with five cities, proving that sunshine still costs a premium. SmartAsset analyzed rental data across 100 U.S. cities, comparing 2025 prices to 2024 and 2020. While renters in NYC may feel slightly vindicated, the reality is still grim: Our average rent is 144-percent higher than the national average, according to So no, we're not the most expensive anymore—but we're still painfully close. And until the day a one-bedroom drops below $2,000 without including a shower in the kitchen, we reserve the right to keep complaining.
Yahoo
03-05-2025
- Business
- Yahoo
Study: Austin sees drop in rent prices compared to 2024
AUSTIN (KXAN) — A recent study showed the rent prices in Austin dropped when compared to 2024, and the city took the No. 2 spot for where rent decreased the most in the U.S. SmartAsset, a financial technology company, said it ranked 100 of the largest U.S. cities based on the percentage change in average rent prices for all homes between February 2024 and February 2025. So far in 2025, six of the 100 cities saw a decrease in rent, including Austin. Austin still leads in multi-unit permitting as nation falls to below pre-COVID levels Aurora, Colorado, had the largest relative annual drop in rent at -3.05%, but Austin followed closely behind with a -2.34% drop in rent between 2024 and 2025, according to the study. SmartAsset said the average rent in Austin in 2024 was $1,684, and the current rent has dropped to $1,644. While the decrease seems hopeful, the average rent in Austin has increased significantly since 2020. SmartAsset said that in 2020, rent in Austin was $1,413, meaning the five-year change in average rent has increased by 16.35% Plano, TX (No. 5 in US) One-year change in average rent: -0.18% Average rent, 2025: $1,753 Average rent, 2024: $1,757 Average rent, 2020: $1,384 Five-year change in average rent: 26.68% San Antonio, TX (No. 6 in US) One-year change in average rent: -0.08% Average rent, 2025: $1,412 Average rent, 2024: $1,414 Average rent, 2020: $1,181 Five-year change in average rent: 19.59% According to SmartAsset, data in the study was collected by utilizing Zillow's Zillow Observed Rent Index (ZORI), and it represents the average for all homes, including multifamilies, for 100 of the largest U.S. cities. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
