New York City, New York Rental Market Trends

Disclaimer:

Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the New York City, New York rental market.

Highlights

An apartment for rent in New York City, New York typically goes for $4,641 per month, while a single-family home for rent in New York City, New York has a monthly cost of around $3,795. Renter-occupied units make up 67% of the local housing market, while the rental vacancy rate in New York City, New York is at 3.6.

New York City, New York

Average Apartment Rent

$4,641

Y-o-Y Change in Average
Apartment Rent

5.1%

Average Single-Family Rent

$3,795

As of November 2024

Compared to a year ago, New York City, New York apartments have recorded a 5.1% rent increase.

New York City, New York Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
New York City $3,863 $3,977 $4,131 $4,173 $4,266 $4,392 $4,416 $4,469 $4,566 $4,641
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
New York City
National
Nov 2021
$3,863
$1,596
Mar 2022
$3,977
$1,635
Jul 2022
$4,131
$1,708
Nov 2022
$4,173
$1,726
Mar 2023
$4,266
$1,714
Jul 2023
$4,392
$1,739
Nov 2023
$4,416
$1,733
Mar 2024
$4,469
$1,727
Jul 2024
$4,566
$1,752
Nov 2024
$4,641
$1,748

New York City, New York Average Apartment Rent

New York City, New York Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 96.18%, apartments priced Over $2,000 represent the bulk of New York City, New York rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.01%.

New York City, New York Housing tenure**

Renter occupied housing units 2,201,679
Owner occupied housing units 1,081,125

Renters take up 67% of New York City, New York real estate, occupying a total of 2,201,679 units, while homeowners live in 1,081,125 properties.

Median number of rooms of renter-occupied housing units**

3.6

Renter median household income**

$60,494

Average household size of renter-occupied housing units**

2.44

Rental vacancy rate**

3.6%

New York City, New York Renter-occupied housing units by no. of bedrooms**

No bedrooms 242,017
1 bed 780,023
2 beds 772,012
3 beds 340,407
4 beds 54,597
5 or more beds 12,623

There are 780,023 rentals in New York City, New York with 1 bed making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 12,623 units. Overall, the median number of rooms in New York City, New York homes for rent is 3.6.

New York City, New York Renter-occupied units by age of householder**

15 - 24 years 76,275
25 - 34 years 498,478
35 - 44 years 442,637
45 - 54 years 377,245
55 - 59 years 187,193
60 - 64 years 166,142
65 - 74 years 253,007
75 - 84 years 140,710
85 years and over 59,992

Most condos for rent in New York City, New York are occupied by residents in the 25 - 34 years age group (23%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 3%.

New York City, New York Renter-occupied housing units by family type**

Family households 1,166,492
Non-Family Households 1,035,187

New York City, New York Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 590,233
No related children of the householder under 18 1,611,446

A total of 1,166,492 apartments for rent in New York City, New York, or 53% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 590,233 units. All in all, the median size of a renter-occupied household in New York City, New York is 2.44.

New York City, New York Renter-occupied housing units by educational attainment**

Less than high school graduate 375,700
High school graduate (including equivalency) 482,629
Some college or associate's degree 455,044
Bachelor's degree or higher 888,306

In terms of education, renters holding bachelor degrees or higher make up 40% of the rental market. In contrast, residents with less than a high school degree reside in 17% of the homes for rent in New York City, New York.

New York City, New York Renter-occupied units by year structure built**

Built 2010 - 2019 126,017
Built 2000 - 2009 120,013
Built 1990 - 1999 87,571
Built 1980 - 1989 107,404
Built 1970 - 1979 168,694
Built 1960 - 1969 260,946
Built 1950 - 1959 266,345
Built 1940 - 1949 212,822
Built 1939 or earlier 848,146

The highest share of New York City, New York apartment rentals, namely 39% or 848,146 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (12%, 266,345 units), and the ones Built 1960 - 1969 (12%, 260,946 units).

New York City, New York Renter-occupied units by year householder moved in**

Moved in 2021 or later 121,841
Moved in 2018 to 2020 447,092
Moved in 2010 to 2017 825,176
Moved in 2000 to 2009 379,154
Moved in 1990 to 1999 212,089
Moved in 1989 or earlier 216,327

Median year renter moved into unit 2013

Most New York City, New York renters (37%) moved in 2010 to 2017, while only 6% of them moved in 2021 or later. Overall, the median year renters have occupied their New York City, New York condos for rent is 2013.

New York City, New York Renter-occupied housing units by vehicles available**

No vehicle available 1,495,891
1 vehicle available 584,190
2 vehicles available 103,687
3 or more vehicles available 17,911

When it comes to transportation options, 68% of New York City, New York renters have No vehicle available per household, 27% of them have 1 vehicle available, and 5% have 2 vehicles available.

New York City, New York Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 401,572
Car, truck, or van - carpooled 85,582
Public transportation (excluding taxicab) 1,344,288
Walked 266,696
Taxicab, motorcycle, bicycle, or other means 102,124
Worked at home 327,181

New York City, New York Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 4,699,053
Moved within same county 333,872
Moved from different county within same state 111,512
Moved from different state 89,166
Moved from abroad 58,865

New York City, New York Average apartment rent by zip codes


The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all New York City, New York apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

*Average single-family rent calculated from point2homes.com data.

**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates

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