Department of Numbers

New York New York Residential Rent and Rental Statistics

The median monthly gross residential rent in New York, NY (the New York-Northern New Jersey-Long Island metro area) was $1,308 in 2015 according to the Census ACS survey.1 Average gross rent in New York was $1,358 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 New York median and average rent data will be released in September of 2017.

Data is also available below for New York rental vacancy rates, New York rent as a percent of median income and the fraction of renters in New York.

Show dollars as: Nominal Real

Real Gross Rent in New York New York (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
New York Median Gross Rent $1,173 +2.62% +8.41%
New York, NY Median Gross Rent $1,308 +2.59% +7.92%

New York, NY Real Gross Rent Trends

At $1,308, real median gross rent in New York was at its highest level in 2015 since the series began in 2005. At $1,358, real average gross rent in New York was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in New York: New York NY Median, New York NY Average, New York Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New York

Date US
Median
New York
Median
New York, NY
Median
New York, NY
Average
2015 $959 $1,173 $1,308 $1,358
2014 $930 $1,143 $1,275 $1,325
2013 $898 $1,101 $1,228 $1,283
2012 $886 $1,082 $1,212 $1,269
2011 $887 $1,077 $1,209 $1,257
2010 $901 $1,074 $1,211 $1,265
2009 $905 $1,057 $1,209 $1,267
2008 $920 $1,064 $1,210 $1,273
2007 $874 $1,004 $1,143 $1,199
2006 $883 $1,013 $1,140 $1,204
2005 $858 $991 $1,116 $1,173

New York Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for New York New York was 4.19% according to Census ACS data.

Rental Vacancy Rate in New York New York

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New York 4.41% +0.07% +0.07%
New York, NY 4.19% -0.05% -0.09%

Trends in New York, NY Rental Vacancy Rate

The rental vacancy rate in New York peaked in 2010 at 5.35%. Since then it has fallen by 1.16% to 4.19%. Data records for this series originated in 2005.

Rental Vacancy Rate: New York NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for New York

Date US New York New York, NY
2015 5.85% 4.41% 4.19%
2014 6.32% 4.34% 4.24%
2013 6.49% 4.17% 4.28%
2012 6.77% 4.34% 4.28%
2011 7.40% 4.48% 4.91%
2010 8.17% 5.03% 5.35%
2009 8.43% 4.78% 5.04%
2008 7.86% 4.68% 4.78%
2007 7.87% 4.70% 4.27%
2006 7.70% 4.94% 4.53%
2005 7.74% 4.80% 4.48%

Rent as a Fraction of Income

Using median household income data for New York, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New York, median monthly gross rent as a fraction of median household income was 22.83% in 2015 according to the ACS.

New York New York Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
New York 23.13% -0.27% +0.19%
New York, NY 22.83% -0.09% +0.16%

Trends in New York, NY Rent as a Fraction of Income

The fraction of median New York household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 22.92%. Since then it has fallen by 0.09% to 22.83%.

Fraction of Income towards Rent: New York NY, New York, US

Percent of median household income going towards median monthly gross rent in New York New York

Historical Data for Annual Rent as a Fraction of Income in New York New York

Date US New York New York, NY
2015 20.63% 23.13% 22.83%
2014 20.89% 23.40% 22.92%
2013 20.78% 23.20% 22.56%
2012 20.65% 22.94% 22.68%
2011 20.70% 22.98% 22.86%
2010 20.50% 22.60% 22.28%
2009 20.12% 21.60% 21.47%
2008 19.00% 20.41% 20.09%
2007 18.66% 20.34% 20.12%
2006 18.90% 20.43% 19.94%
2005 18.89% 20.40% 20.25%

Renter Fraction in New York New York

You can calculate the renter fraction in New York in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in New York as a fraction of total New York households. In 2015 49.17% of households were renters according to Census ACS data.

New York Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
New York 46.93% -0.09% +0.58%
New York, NY 49.17% -0.12% +0.53%

Trends in the New York, NY Renter Fraction

The New York household renter fraction peaked in in 2014 at 49.29% and is now 0.12% below that level. The origin year for the series is 2005.

Fraction of Renting Households: New York NY, New York, US

Fraction of renters in New York

History of New York Renter Fraction

Date US New York New York, NY
2015 36.97% 46.93% 49.17%
2014 36.90% 47.02% 49.29%
2013 36.50% 46.35% 48.38%
2012 36.09% 46.35% 48.64%
2011 35.42% 46.41% 48.85%
2010 34.65% 45.75% 47.83%
2009 34.13% 44.97% 47.29%
2008 33.36% 44.71% 46.64%
2007 32.80% 44.48% 46.52%
2006 32.73% 44.40% 46.20%
2005 33.10% 44.67% 46.66%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.