Highlights

• In July 2024, the median asking rent in New York City was $3,421, an increase of $73, or 2.2%, from the previous year.
• The median asking rent for 0-2 bedrooms in the city was $3,322, up $72 or 2.2% from a year ago, while rent for units with 3 or more bedrooms decreased by $262 or 5.0% compared to July 2023 and $4,996.
• While the average asking rent in Manhattan continued to decline by 2.0% annually, rents in the relatively affordable areas of Brooklyn, Queens and the Bronx continued to rise, indicating stronger demand in cheaper areas.

In July 2024, the median asking rent for all rental properties listed on Realtor.com® in New York City was $3,421. In contrast to the overall downward trend in the 50 most important marketsthe median asking rent in New York City continues to rise annually, up $73, or 2.2%, year-over-year. Although New York City was one of the rental markets that experienced the sharpest rent declines during the COVID-19 pandemic, the median asking rent recovered to pre-pandemic levels by spring 2022 and has continued to rise annually since then. In July 2024, the median asking rent in New York City was $413, or 13.7% higher than the same time in 2019 (pre-pandemic).

Figure 1: Rents in New York City continue to rise – July 2024

Greater demand for affordable smaller units

In New York City, demand for smaller 0-2 bedroom rentals was greater than for 3 or more bedroom apartments. In July 2024, the median rent for 0-2 bedrooms in the city was $3,322, up $72 or 2.2% from the previous year. At the same time, the median rent for larger 3 or more bedroom apartments fell to $4,996, a rent decrease of $262 or 5.0% from July 2023.

Figure 2: Rents by apartment size in New York City – July 2024

Table 1: Rents in New York City by Apartment Size – July 2024

Higher demand in relatively affordable districts

In July 2024, the median asking rent for all rental units in Manhattan was $4,489, a decrease of $91, or 2.0%, from the previous year. It was the This was the 13th consecutive month of annual declines, and rent was $362 (-7.5%) below the August 2019 peak.

In addition, the median asking rent in Manhattan in July 2024 was still $171 (-3.7%) below pre-pandemic levels, indicating relatively lower demand in this most expensive borough, possibly indicating a continued willingness of workers to commute and use flexible work arrangements to find affordable housing as Realtor.com was previously present in the sales market.

To afford rent for a typical Manhattan apartment without spending more than 30% of income on housing (including utilities)—the standard measure of affordability—a gross household income of $14,963 per month, or $179,560 per year, is required.

In contrast to the cooling rental market in Manhattan, the three boroughs of Bronx, Brooklyn and Queens, with their comparatively low rents, recorded an annual rent increase. Of these three boroughs, Queens recorded the fastest annual rent growth in July, where The median asking rent reached $3,380, an increase of $256, or 8.2%, from the same period last year. This was the highest rental rate in our data history and was $967 (40.1%) higher than five years ago.

Meanwhile, the median asking rent in the Bronx rose 7.7%, or $226, year-over-year to $3,175. This was the second-highest rent since March 2019 and $1,202 (60.9%) higher than five years ago.

In Brooklyn, median rent increased 3.5%, or $124, year over year to $3,718. This was also the highest rent price in our data history and was $916 (32.7%) higher than five years ago.

To afford rent for a typical apartment in these three boroughs while meeting the 30% rule of thumb, the required monthly gross household income for renters in Queens, Brooklyn, and the Bronx was $11,267, $12,393, and $10,583, respectively, or an annual income of $135,200, $148,720, and $127,000, respectively..

Figure 3: Rents by Borough in New York City – July 2024

Table 2: Rents by borough in New York City

Note: Data for Staten Island is currently under review.