NYC Median Rent Hits Record $3,785: Manhattan at $5,375, Monthly Cost of Buying $6,952 Above Renting
In New York City, New York, real estate platform Realtor.com released its September rental report on October 27: the city's median rent rose to $3,785 a month, up 4.5% year over year — an increase of $162 — the highest level since the platform began tracking in the second quarter of 2019, and $816, or 27.5%, above the pre-pandemic level.
The report also compared the monthly cost of buying versus renting: in New York City, buying costs $6,952 more per month than renting, and the gap widens to about $11,008 when mortgage rates exceed 7%. Realtor.com Chief Economist Danielle Hale said that although falling rates have narrowed the gap somewhat, the monthly cost of buying remains significantly higher than renting.
By unit size, rents for zero- to two-bedroom homes rose 7.1% to $3,662, while three-bedroom and larger homes rose 2.9% to $5,089. By borough, Manhattan's median rent was $5,375, up 8.3%; Brooklyn was $4,197, up 4.9%; Queens was $3,744, up 3.9%; and the Bronx was $3,233, up 2.7%.
Source: GSM · USA (original Chinese edition)
Photo: 纽约曼哈顿东河沿岸的公寓楼（资料图）。图片：Jakub Hałun，CC BY 4.0，经Wikimedia Commons。 / Apartment buildings along the East River in Manhattan, New York City (file photo). Photo: Jakub Hałun, CC BY 4.0, via Wikimedia Commons.
