Rents continue rising across New York City's boroughs despite broader market trends

The latest data indicates that renting an apartment in New York City remains highly competitive and expensive. In August 2024, the median asking rent across Manhattan, Queens, the Bronx, and Brooklyn was $3,425. This marks a $76 increase from the previous year. The median rent in New York City is nearly double the national median of $1,753.

"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," said Realtor.com economist Jiayi Xu. "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."

New Yorkers spend about 38.1% of their income on rent on average—well above the recommended 30%. Smaller apartments are increasingly popular as they offer a more affordable option. The median asking rent for units with up to two bedrooms rose by 4.2% year over year to $3,367, while rents for larger units with three or more bedrooms fell by 5% to $4,932.

Manhattan saw a drop in its median rent by 2.2% year over year and a decrease of 7.8% from its peak in 2019. Xu noted: "This suggests a continued dip in demand in the most expensive borough." To afford a typical home in Manhattan without exceeding 30% of one's income on housing costs—including utilities—a household would need an annual gross income of $178,880.

In contrast, rents increased substantially in other boroughs such as Queens and Brooklyn. Queens experienced an increase of 11.1%, bringing its median asking price to $3,427 per month. To avoid spending more than 30% of their income on housing here, residents would need an annual income of $137,080.

Brooklyn also saw rents climb by 5.1%, reaching an average monthly cost of $3,790 due partly to new waterfront developments and luxury condos. Residents would need an annual income of at least $151,600 to maintain affordability.

The Bronx remains the most affordable borough with a median rent of $3,163 but still recorded significant increases; rents rose by 7.8% from last year and have surged by 56% since 2019.

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