The average rent for roommates in NYC peaked at $1,625 in Q2 2023, then stabilized. Q1 2024 saw a low of $1,489 before bouncing back to $1,543.
Among 29 metro areas surveyed, NYC and four others did not see record highs in roommate rent during Q2 or Q3 of 2024 due to supply-demand rebalancing.
In October 2024, NYC experienced a significant drop in competition for rooms, with 4.8 renters for each available room, down from 9.7 in 2022.
Despite lower roommate rents, NYC remains costly: borough averages are $1,891 in Manhattan, $1,499 in Brooklyn, reflecting an ongoing expensive living trend.
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