New York City, NY Rental Market Trends

New York City Rent Report: February 2024

Welcome to the Apartment List February 2024 Rent Report for New York City, NY. Currently, the overall median rent in the city stands at $2,215, after falling 1.3% last month. Prices remain up 2.3% 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 1.3% month-over-month and up 2.3% year-over-year

The median rent in New York City fell by 1.3% over the course of January, and has now increased by a total of 2.3% 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 (-1.0%).

January rent growth in New York City ranked #94 among large U.S. cities

New York City rents went down 1.3% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #94. Similar monthly rent growth took place in Riverside, CA (-1.3%) and Austin, TX (-1.3%).

New York City is the #12 most expensive large city in the U.S., with a median rent of $2,215

Citywide, the median rent currently stands at $2,114 for a 1-bedroom apartment and $2,229 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,215. 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 $1,207 for a 1-bedroom, $1,359 for a 2-bedroom, and $1,373 overall. The median rent in New York City is 61.3% higher than the national, and is similar to the prices you would find in Anaheim, CA ($2,255) and Santa Ana, CA ($2,189).

New York City rents are 2.7% higher than the metro-wide median

If we expand our view to the wider New York metro area, the median rent is $2,156 meaning that the median price in New York City ($2,215) is 2.7% 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 10 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 $3,277. Yonkers is the metro’s most affordable city, with a median rent of $1,827. The metro's fastest annual rent growth is occurring in Fort Lee (12.5%) while the slowest is in Yonkers (-2.5%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Fort Lee
$1,980
$2,774
2.3%
12.5%
Hackensack
$2,005
$2,224
-0.1%
3.0%
Hoboken
$2,783
$3,830
-0.1%
-1.5%
Jersey City
$2,218
$2,256
-1.2%
0.4%
New Brunswick
$1,684
$2,035
-0.6%
2.8%
New Rochelle
$1,899
$2,343
-0.5%
4.9%
New York City
$2,114
$2,229
-1.3%
2.3%
West New York
$1,719
$1,941
-0.6%
6.1%
White Plains
$2,084
$2,464
1.4%
-2.3%
Yonkers
$1,619
$1,965
1.1%
-2.5%
See More

You can also use the map below to explore the latest rent trends in the New York metropolitan area.

Methodology

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.

Data Access

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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