T
he New York City rental market remains highly competitive and expensive, with no signs of slowing down. In August 2024, the median asking rent for apartments in Manhattan, Queens, the Bronx, and Brooklyn was $3,425, a $76 increase from the previous year.

    According to Realtor.com economist Jiayi Xu, New York City's median rent price is nearly double the national median, making it one of the few major cities where rents are still rising. The city's high living expenses mean that many residents spend over 30% of their income on rent, far exceeding the recommended 30%.

    Smaller apartments with fewer bedrooms have become increasingly popular as renters seek more affordable options. While the median asking rent for 0-2 bedroom apartments increased by 4.2%, to $3,367, the median asking rent for 3-plus bedrooms fell by 5%, to $4,932.

    Manhattan's median rent was down 2.2% year over year and 7.8% from its 2019 peak, suggesting a continued dip in demand in the most expensive borough. To afford renting a typical home in Manhattan without spending more than 30% of your income on housing, you'd need to earn $178,880 per year.

    The Bronx remains the most affordable borough, with a median rent of $3,163, but its relative affordability doesn't mean that the market is stagnating. The median asking rent increased by 7.8%, or $228, year over year, and has seen an influx of building construction in the past year.

    Queens also saw substantial rent increases, with the median asking price rising by 11.1% year over year to $3,427. To afford renting a typical apartment in Queens without spending more than 30% of your income on housing, you'd need to have an annual income of $137,080.

    Brooklyn's rents also increased, up 5.1% year over year to an average of $3,790. You'd need to make at least $151,600 to avoid spending more than 30% of your income on rent in Brooklyn.