New York City, NY Rental Market Trends
New York City Rent Report: December 2023
Welcome to the Apartment List December 2023 Rent Report for New York City, NY. Currently, the overall median rent in the city stands at $2,146, after falling 1.7% last month. Prices remain up 2.2% year-over-year. Read on to learn more about what’s been happening in the New York City rental market and how it compares to trends throughout the broader New York metro area and the nation as a whole.
New York City rents are down 1.7% month-over-month and up 2.2% year-over-year
The median rent in New York City fell by 1.7% over the course of November, and has now increased by a total of 2.2% over the past 12 months. New York City’s rent growth over the past year has is similar to the state average (2.4%) and has outpaced the national average (-1.1%).
New York City rent growth in 2023 pacing similar last year
Eleven months into the year, rents in New York City have risen 5.9%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to November 2022 rents had increased 6.1%.
November rent growth in New York City ranked #92 among large U.S. cities
New York City rents went down 1.7% in the past month, compared to the national rate of -0.9%. Among the nation's 100 largest cities, this ranks #92. Similar monthly rent growth took place in Kansas City, MO (-1.6%) and Pittsburgh, PA (-1.8%).
New York City is the #12 most expensive large city in the U.S., with a median rent of $2,146
Citywide, the median rent currently stands at $2,051 for a 1-bedroom apartment and $2,165 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,146. That ranks #12 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,149 for a 1-bedroom, $1,317 for a 2-bedroom, and $1,340 overall. The median rent in New York City is 60.1% higher than the national, and is similar to the prices you would find in Santa Ana, CA ($2,180) and Oxnard, CA ($2,131).
New York City rents are 4.0% higher than the metro-wide median
If we expand our view to the wider New York metro area, the median rent is $2,064 meaning that the median price in New York City ($2,146) is 4.0% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.8%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 9 cities in the New York metro area that are included in our database. Among them, Hoboken is currently the most expensive, with a median rent of $3,616. Yonkers is the metro’s most affordable city, with a median rent of $1,557. The metro's fastest annual rent growth is occurring in West New York (5.0%) while the slowest is in White Plains (-2.8%).
You can also use the map below to explore the latest rent trends in the New York metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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