City Description
New York City, in the state of New York – also known as NYC or just New York – is one of the most famous cities, if not the most famous city, in the world. It is known for its various landmarks, such as:
- Statue of Liberty
- Empire State Building
- Central Park
- Times Square
- Broadway
New York City consists of 5 boroughs, or smaller administrative areas:
- The Bronx
- Brooklyn
- Manhattan
- Queens
- Staten Island
It is also filled with the hustle and bustle of a big city – that can be attributed to its almost 9 million inhabitants – making it the most populated city in the whole of the United States! It is not only a global business and finance hub, but also the place for fashion, retail, arts and eye watering real estate. It is no wonder why many flock towards this iconic destination. However, with every move, you need a place to rent! Below we cover everything there is to know about the rental prices for New York City.
Overall Average and Median Rent in New York City
The overall average rent per month in New York City ranges from $3,886 to $4,157. The overall median rent per month in New York City ranges from $2,039 to $4,016. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $3,886 | – |
| redfin.com (Jun 2022 data) | $4,157 | – |
| zillow.com | – | $3,395 |
| apartmentlist.com | – | $2,039 |
| renthop.com | – | $4,016 |
Studio Average and Median Rent in New York City
The average rent for a studio per month in New York City ranges from $3,400 to $3,641. The median rent for a studio per month in New York City ranges from $3,000 to $3,200. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $3,641 | – |
| rentable.co | $3,400 | – |
| zillow.com | – | $3,000 |
| zumper.com | – | $3,200 |
| renthop.com | – | $3,150 |
1 Bedroom Average and Median Rent in New York City
The average rent for a 1 bedroom property per month in New York City ranges from $3,886 to $3,990. The median rent for a 1 bedroom property per month in New York City ranges from $1,948 to $3,900. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $3,886 | – |
| rentable.co | $3,990 | – |
| zillow.com | – | $3,295 |
| apartmentlist.com | – | $1,948 |
| zumper.com | – | $3,725 |
| renthop.com | – | $3,900 |
2 Bedroom Average and Median Rent in New York City
The average rent for a 2 bedroom property per month in New York City ranges from $5,100 to $5,645. The median rent for a 2 bedroom property per month in New York City ranges from $2,057 to $4,895. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $5,645 | – |
| rentable.co | $5,100 | – |
| zillow.com | – | $3,500 |
| apartmentlist.com | – | $2,057 |
| zumper.com | – | $4,200 |
| renthop.com | – | $4,895 |
3 Bedroom Average and Median Rent in New York City
The average rent for a 3 bedroom property per month in New York City ranges from $6,400 to $7,933. The median rent for a 3 bedroom property per month in New York City ranges from $3,299 to $5,798. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $7,933 | – |
| rentable.co | $6,400 | – |
| zillow.com | – | $3,299 |
| zumper.com | – | $3,750 |
| renthop.com | – | $5,798 |
4 or More Bedroom Average and Median Rent in New York City
The average rent for a 4 or more bedroom property per month in New York City is approximately $8,230. The median rent for a 4 or more bedroom property per month in New York City ranges from $4,500 to $6,995. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $8,230 | – |
| zillow.com | – | $6,844 |
| zumper.com | – | $4,500 |
| renthop.com | – | $6,995 |
Most Expensive Neighborhoods to Rent in New York City
New York City consists of 5 boroughs, and each borough is made up of over 50 neighborhoods – bringing the total number of neighborhoods to over 250. The neighborhoods of Manhattan are known for being the most expensive. According to renthop.com, the below are the top 5 most expensive neighborhoods to rent in New York City – and you guessed it, they are all from Manhattan!
- Gramercy Park, Manhattan
- NoMad (Madison Square North) , Manhattan
- Midtown, Manhattan
- West Village, Manhattan
- Chelsea, Manhattan
Cheapest Neighborhoods to Rent in New York City
According to propertynest.com, the below are some of the cheapest neighborhoods to rent in New York City while still considering access to shops, restaurants and recreation; neighborhood safety; and ease of transport. Studios from this list below, on average, start from only $1,600 per month, which is a far cry from the $3,400 to $3,641 for a studio across the whole of New York City.
- Riverdale, Bronx
- Kew Gardens, Queens
- Sunnyside, Queens
- Bay Ridge, Brooklyn
- East Flatbush
Rental Trends in New York City
According to redfin.com’s Data Center, their average monthly rent estimate, for all of New York City, was $2,843 in February of 2021. This has steadily increased to $4,157 for June of 2022. That’s a significant 46% increase in a 16 month period.
Is it Cheaper to Buy or Rent in New York City?
While this is a difficult question to answer, if we look purely at the average monthly mortgage payment, based on a down payment of 5%, the previous chart suggests that it is slightly cheaper to pay off the mortgage than to rent. However, there are also other costs associated with owning a property that must also be considered – maintenance costs, insurances, bank fees, and more. Also, which decision is better ultimately depends on your life circumstances (e.g. are you a frequent mover? In which case renting would be the better option) and the specific property you are living in or buying.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.