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The median asking rent in New York accounted for 55% of a typical household income in the second quarter of 2025, nearly 10% above the 44.5% national median in the for-sale market and more than double the recent share for typical renters nationwide.

According to a new data report from Realtor.com, costs differ by borough in the city have the rent-to-income ratio in the Bronx is an onerous 81.6%, compared to 60.6% in Brooklyn, 56.9% in Manhattan, and 49.4% in Queens. In the Bronx, rents increased by 61.4% over the last six years, marking the largest jump of any borough – renters in that market face a median asking rent of $3,132, nearly $2,000 more than the max affordable rent under current income, which is $1,152. In Brooklyn, rent increased 40.8% in the last 6 years, and the median asking rent is $3,835 while the max affordable rent under current income is $1,892.

Excessively elevated rents were a central focus of Zohran Mamdani’s upset victory in the Democratic primary for mayor, with the socialist candidate vowing to enact a rent freeze on subsidized housing units. But Danielle Hale, chief economist at Realtor.com, question the viability of Mamdani’s campaign pledge.

“Even if rents were frozen today, it would still take two decades of steady income growth to restore affordability,” said Hale. “New Yorkers can’t wait decades to meaningfully close this gap. Housing supply has already featured prominently in this year’s mayoral race. These figures underscore why the city’s mayoral candidates must have a credible, multi-faceted plan to tackle housing supply if they hope to be elected to lead the city in the fall.”