New York County New York Residential Rent and Rental Statistics
The median monthly gross residential rent in New York County NY was $1,753 in 2019 according to the Census ACS survey.1 Average gross rent in New York County was $1,832 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 New York County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in New York County New York (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New York Median Gross Rent | $1,309 | +0.93% | +4.72% |
| New York County NY Median Gross Rent | $1,753 | -1.41% | +0.81% |
New York County NY Real Gross Rent Trends
Median gross rent for New York County peaked in real terms in 2018 at $1,778 and is now $25 (1.41%) lower. Average gross rent for New York County peaked in real terms in 2018 at $1,855 and is now $23 (1.24%) lower.
Real Gross Rent: New York County NY Median, New York County NY Average, New York Median, US Median
Real Gross Rent History for New York County
| Date | US Median |
New York Median |
New York County NY Median |
New York County NY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,309 | $1,753 | $1,832 |
| 2018 | $1,077 | $1,297 | $1,778 | $1,855 |
| 2017 | $1,043 | $1,264 | $1,651 | $1,798 |
| 2016 | $1,027 | $1,250 | $1,739 | $1,849 |
| 2015 | $1,017 | $1,244 | $1,709 | $1,822 |
| 2014 | $986 | $1,212 | $1,616 | $1,751 |
| 2013 | $953 | $1,168 | $1,569 | $1,728 |
| 2012 | $940 | $1,148 | $1,543 | $1,704 |
| 2011 | $941 | $1,143 | $1,515 | $1,675 |
| 2010 | $955 | $1,140 | $1,458 | $1,636 |
| 2009 | $960 | $1,121 | $1,490 | $1,669 |
| 2007 | $927 | $1,066 | $1,332 | $1,553 |
| 2005 | $910 | $1,051 | $1,285 | $1,510 |
New York County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for New York County New York was 4.57% according to Census ACS data.
Rental Vacancy Rate in New York County New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
| New York County NY | 4.57% | +0.38% | -0.93% |
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 0.93% to 4.57%. Data records for this series originated in 2005.
Rental Vacancy Rate: New York County NY, New York, US
Historical Rental Vacancy Rate data for New York County
| Date | US | New York | New York County NY |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | 4.57% |
| 2018 | 6.15% | 4.20% | 4.19% |
| 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% |
| 2007 | 7.87% | 4.70% | 2.92% |
| 2005 | 7.74% | 4.80% | 3.25% |
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 22.46% in 2019 according to the ACS.
New York County New York Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New York | 21.78% | -0.75% | -0.99% |
| New York County NY | 22.46% | -2.17% | -3.24% |
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 3.47% to 22.46%.
Fraction of Income towards Rent: New York County NY, New York, US
Historical Data for Annual Rent as a Fraction of Income in New York County New York
| Date | US | New York | New York County NY |
|---|---|---|---|
| 2019 | 20.03% | 21.78% | 22.46% |
| 2018 | 20.50% | 22.53% | 24.63% |
| 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% |
| 2007 | 18.66% | 20.34% | 21.19% |
| 2005 | 18.89% | 20.40% | 22.04% |
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 2019 76.67% of households were renters according to Census ACS data.
New York County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New York | 46.48% | +0.15% | -0.24% |
| New York County NY | 76.67% | +0.63% | -0.30% |
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 1.41% below that level. The origin year for the series is 2005.
Fraction of Renting Households: New York County NY, New York, US
History of New York County Renter Fraction
| Date | US | New York | New York County NY |
|---|---|---|---|
| 2019 | 35.89% | 46.48% | 76.67% |
| 2018 | 36.05% | 46.33% | 76.04% |
| 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% |
| 2007 | 32.80% | 44.48% | 76.93% |
| 2005 | 33.10% | 44.67% | 77.21% |
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. ↩
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