In August 2024, the median asking rent for apartments in four New York City boroughs was $3,425, a $76 increase from a year ago.
New York City’s median rent price is nearly double the national median of $1,753; it is one of the only major cities where rents are still rising.
New Yorkers are seeking smaller, more affordable apartments, shown by a 4.2% increase in rents for 0-2 bedrooms and a 5% decrease for 3-plus bedrooms.
Rents for 0-2 bedroom apartments in New York have climbed 16.3% over five years, while rents for 3-plus bedrooms have only increased by 4.6%.
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