In the first quarter of 2025, New York City’s median asking rent rose to $3,397, reflecting a 5.6% increase compared to the previous year. This upward trend has persisted since Spring 2022 when rents returned to pre-pandemic levels, with current rents 18.1% higher than during the onset of COVID-19. Smaller apartments (up to two bedrooms) saw a 7.2% increase in asking rent, while larger units experienced a modest rise of 1.2%. All boroughs examined showed annual growth, with Manhattan leading at 5.5% and Brooklyn following at 5%.
The median asking rent for apartments in New York City saw a 5.6% rise year-over-year in Q1 2025, continuing a trend that began in Spring 2022.
Manhattan experienced the largest surge in asking rent, jumping 5.5% year-over-year, now requiring an annual income of approximately $179,796 to afford a median unit.
Collection
[
|
...
]