N
ew Yorkers may feel like rent hikes are endless, but Newark, New Jersey residents face an even greater challenge. Just a short train ride from Lower Manhattan, Newark saw the fastest-growing rent in the New York Metropolitan area in February, with median one-bedroom rents increasing 16.7% year-over-year.

    While Newark's rapid rent growth was trailed by White Plains and Newburgh, which logged 13.5% and 12.3% spikes respectively, Bayonne, New Jersey took a different approach. The small city across the bay from Newark saw a significant decrease in rental prices, with median rent plummeting 15.6% year-over-year.

    As of last month, a one-bedroom in Bayonne cost around $1,890. Despite their differing rent trends, both Newark and Bayonne were recently identified as affordable locations to buy a home near Manhattan.

    The cheapest city for renters in the metropolitan area was Kingston, upstate New York, with a median price of $1,500 for a one-bedroom. Bridgeport, Connecticut followed closely at $1,650 per month, while Paterson, New Jersey came in third at $1,730 per month.

    New York City remains the priciest place to rent, with a median rent of $4,330 for a one-bedroom. However, renting outside of NYC's most expensive areas can be more affordable, with a median one-bedroom rent across the entire metropolitan area sitting at just $2,486 in February.