New York City, New York Rental Market Trends
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 $4,566 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
$4,566
Y-o-Y Change in Average
Apartment Rent
4%
Average Single-Family Rent
$3,795
As of July 2024
Compared to a year ago, New York City, New York apartments have recorded a 4% rent increase.
New York City, New York |Average apartment rent trend
New York City, New York| Average apartment rent
New York City, New York | Apartment rent ranges
At 95.98%, 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**
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**
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**
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**
New York City, New York | Renter-occupied housing units by the presence of own children**
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**
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**
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**
Median year renter moved into unit2013
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**
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**
New York City, New York |Geographical mobility in the past year for householders living in renter-occupied housing units**
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
