In July, the median rent on zero- (or studio) to two-bedroom units increased by 2.2% year-over-year to $3,322, while the median rent on three-plus bedrooms fell by 5%, to $4,996.
While median asking rents in Manhattan decreased for the 13th consecutive month in July - this time by 2% to $4,489, $171 lower than its pre-pandemic level - median asking rents increased by 3.5% to $3,718 in Brooklyn, 7.7% to $3,175 in The Bronx and 8.2% to $3,380 in Queens.
Despite the slight dip in Manhattan rent, Realtor.com's report determined that New York City is, generally, still becoming more expensive - a stark contrast to many other American cities.
In contrast to the overall declining trend seen across the top 50 markets, the median asking rent in NYC continues to rise annually, increasing by $73 or 2.2% compared to a year ago.
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