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CBS NY

Average Rent in NYC Rises to $3,000 Per Month

The fact that renting an apartment in New York City is expensive is as obvious to most people as the fact that the sky is blue. But a new report by the real estate research firm Reis Inc. said rental prices just went up.

The average rent for an apartment in New York City – excluding Staten Island – was up to $3,017.19 per month, according to a Reuters report.

By comparison, the average rent nationwide is $1,062 per month.

Landlords charge such high prices in the city because of demand. The vacancy rate in New York City is only 2 percent – half of the nationwide vacancy rate.

It is the first time the average rent for the city is above $3,000 since Reis started collecting data in 1980, according to the published report.

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13 Comments

  • Good news for landlords

    Now they will hike rents even more. The only problem is, we can’t pay any more because our salaries stay the same. It’s insane the price of renting a one bedroom bug infested apt in CH. half the time the heat, hot water and elevators are broken. Landlords charge a lot they need to give a decent clean place for the money we pay.

  • Irrelevant

    This figure includes all sizes, shapes and locations, and then leaves out Staten Island just to get a higher number. It’s not a meaningful number as such.

  • Without Manhattan how much is

    the Average Rent in New York City (Brooklyn, Queens & the Bronx)

    • The $3000 average rent is only if

      you average in the rent people pay in Manhattan.
      If you just average the rent people pay in Brooklyn, Queens and the Bronx you’ll come up with a lower amount

  • Expenses

    But property taxes, water charges and general maintenance expenses have also gone way up.

  • rdz

    I feel that the major factor in the price of rent is how much the landlord pays on his mortgage. most homes in crown heights are multi family and owners see renters as a way to pay their mortgage. while interest rates are low, sadly home prices have sky rocketed in the area. homes are costing over $700,000! Too many people are buying homes that they cannot really afford. Result, raise rent.

    • Nabila

      I think you will be disappointed in some ways. I am not sure you will find an aevrage which can easily be compared across cities.What will work well is to check the rents in newspapers and other places where landlords list their units for rent. You will need to decide what size of property you want to check. Number of bedrooms, location, type of property (house vs. apartment) are some keys.A newspaper or even Craigslist can be a great resource as you will see real prices for property that is available now. Just be careful when computing an aevrage as there can be a large difference from 1 street to another based on crime, traffic and other features specific to the area or the property.