The good news for renters is that landlords today are less likely to raise the rent by a lot. The bad news is, rents are still high and unlikely to fall anytime soon.
As with all real estate, though, rents are local, and some unexpected markets are heating up, while some hot ones are cooling off.
New York and Miami are the most “rent-burdened” cities in the nation. Residents there pay more than half of their monthly incomes on housing alone. Boston, Los Angeles and San Francisco round out the worst market’s for rental affordability.
New York may one of the least affordable markets, but rents are actually falling there, just under 1 percent annually.
With this being said in New York you should BUY not RENT.