Department of Numbers

New York County New York Residential Rent and Rental Statistics

The median monthly gross residential rent in New York County NY was $1,601 in 2017 according to the Census ACS survey.1 Average gross rent in New York County was $1,744 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 New York County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in New York County New York (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
New York Median Gross Rent $1,226 +1.07% +4.34%
New York County NY Median Gross Rent $1,601 -5.10% +2.10%

New York County NY Real Gross Rent Trends

Median gross rent for New York County peaked in real terms in 2016 at $1,687 and is now $86 (5.10%) lower. Average gross rent for New York County peaked in real terms in 2016 at $1,793 and is now $49 (2.73%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New York County

Date US
Median
New York
Median
New York County NY
Median
New York County NY
Average
2017 $1,012 $1,226 $1,601 $1,744
2016 $996 $1,213 $1,687 $1,793
2015 $987 $1,207 $1,657 $1,768
2014 $956 $1,175 $1,568 $1,699
2013 $924 $1,133 $1,522 $1,676
2012 $912 $1,113 $1,496 $1,653
2011 $912 $1,108 $1,470 $1,625
2010 $927 $1,105 $1,414 $1,587
2009 $931 $1,088 $1,445 $1,618
2008 $947 $1,095 $1,376 $1,600
2007 $899 $1,033 $1,292 $1,506
2006 $909 $1,042 $1,287 $1,498

New York County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for New York County New York was 4.67% according to Census ACS data.

Rental Vacancy Rate in New York County New York

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
New York 4.19% -0.23% -0.15%
New York County NY 4.67% -0.83% +0.19%

Trends in New York County NY Rental Vacancy Rate

The rental vacancy rate in New York County peaked in 2016 at 5.50%. Since then it has fallen by 0.83% to 4.67%. Data records for this series originated in 2005.

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

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for New York County

Date US New York New York County NY
2017 6.18% 4.19% 4.67%
2016 5.89% 4.42% 5.50%
2015 5.85% 4.41% 4.44%
2014 6.32% 4.34% 4.48%
2013 6.49% 4.17% 4.40%
2012 6.77% 4.34% 3.76%
2011 7.40% 4.48% 3.05%
2010 8.17% 5.03% 3.98%
2009 8.43% 4.78% 4.34%
2008 7.86% 4.68% 3.34%
2007 7.87% 4.70% 2.92%
2006 7.70% 4.94% 3.19%

Rent as a Fraction of Income

Using median household income data for New York County, 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 County, median monthly gross rent as a fraction of median household income was 22.58% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
New York 22.67% -0.10% -0.73%
New York County NY 22.58% -3.12% -1.56%

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

The fraction of median New York County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 25.93%. Since then it has fallen by 3.35% to 22.58%.

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

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

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

Date US New York New York County NY
2017 20.13% 22.67% 22.58%
2016 20.43% 22.78% 25.70%
2015 20.63% 23.13% 25.58%
2014 20.89% 23.40% 24.15%
2013 20.78% 23.20% 24.77%
2012 20.65% 22.94% 25.93%
2011 20.70% 22.98% 25.39%
2010 20.50% 22.60% 24.53%
2009 20.12% 21.60% 22.83%
2008 19.00% 20.41% 20.83%
2007 18.66% 20.34% 21.19%
2006 18.90% 20.43% 21.61%

Renter Fraction in New York County New York

You can calculate the renter fraction in New York County 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 County as a fraction of total New York County households. In 2017 75.34% of households were renters according to Census ACS data.

New York County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
New York 46.20% -0.52% -0.82%
New York County NY 75.34% -1.63% -2.00%

Trends in the New York County NY Renter Fraction

The New York County household renter fraction peaked in in 2011 at 78.08% and is now 2.74% below that level. The origin year for the series is 2005.

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

Fraction of renters in New York County

History of New York County Renter Fraction

Date US New York New York County NY
2017 36.13% 46.20% 75.34%
2016 36.88% 46.72% 76.97%
2015 36.97% 46.93% 76.46%
2014 36.90% 47.02% 77.34%
2013 36.50% 46.35% 76.95%
2012 36.09% 46.35% 77.95%
2011 35.42% 46.41% 78.08%
2010 34.65% 45.75% 77.74%
2009 34.13% 44.97% 74.90%
2008 33.36% 44.71% 76.27%
2007 32.80% 44.48% 76.93%
2006 32.73% 44.40% 76.46%

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.