However, that is not to say that prices are about to plummet to the (somewhat) approachable levels we saw during the pandemic. New York's median one-bedroom rent of $3,600/month shows a 40% increase over this time last year and makes it the highest in the nation — the second-priciest city, San Francisco, comes to $3,000/month. As the market cools, the continued housing shortage and a robust labor market make a gradual price plateau far more likely than a freefall.