Anyone who’s tried to rent an apartment in New York City knows that it’s highly competitive and highly priced, and the latest data suggests this market is showing no signs of letting up.
In August 2024, the median asking rent for apartments in four New York City boroughs — Manhattan, Queens, the Bronx, and Brooklyn — was $3,425, a $76 increase from a year ago.
The Big Apple’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.
“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 in her analysis. “Although New York City was one of the rental markets that saw the steepest rent declines during the [COVID-19] pandemic, its median asking rent rebounded to pre-pandemic levels by spring 2022 and has continued to rise annually since then.”