In August 2024, the median asking rent for apartments in four New York City boroughs reached $3,425, indicating a $76 increase from a year ago.
'In contrast to the overall declining trend seen across the top 50 markets, the median asking rent in New York City continues to rise annually, increasing by $76, or 2.3%, compared to a year ago,' notes Realtor.com economist Jiayi Xu.
The average New Yorker spends around 38.1% of their income on rent, much more than the recommended 30%, highlighting the unaffordability of housing.
Rents for 0-2 bedroom apartments in New York have climbed 16.3% over five years as demand for smaller, more affordable living spaces increases.
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