The median asking rent in New York City reached $3,599 during the third quarter, up 5.4% from one year ago, according to the latest NYC Rent Report from Realtor.com. The current median rent for the city’s residents is now 20.2% higher than it was prior to the pandemic.
Rent growth surged across the city’s boroughs over the past year, with Brooklyn leading the way at 6.8% growth, followed by Manhattan (6.0%), the Bronx (4.9%), and Queens (2.2%). Smaller apartments – units with up to two bedrooms – recorded the greatest rent gains with a 6.0% year-over-year spike to $3,581, compared to just 1.0% growth for larger units.
Realtor.com observed that city residents paying the median rent level could afford a home priced between $400,000 and $690,000 in many suburban markets within the Greater New York metro area.
“With rents continuing to rise across New York City, affordability challenges remain front and center for renters and are one of the core issues at hand with the city’s upcoming mayoral election,” said Danielle Hale, chief economist at Realtor.com. “While many New Yorkers love the energy and opportunity of city living, our data shows that renters could afford to buy a home with the same monthly housing payment as their rent in nearby markets like Yonkers or Toms River—or even relocate to more affordable cities such as Philadelphia or Orlando, where their monthly budget would stretch significantly further.”
