Median rents across New York City are up 6.2 percent year-over-year to $3,616, according to first-quarter data from Realtor, which tracked all the boroughs except for Staten Island, whose data remains under review.
The gains were concentrated over smaller rentals, with 0-2 bedroom prices jumping by 7.6 percent in the first quarter to average $3,480. Units with three bedrooms or more climbed by just two percent to $4,764.
By borough, Manhattan led the way, increasing by 8.3 percent. The next closest was Brooklyn (3.9 percent), followed by Queens (3.3 percent) and the Bronx (1.7 percent).
The increases add to the affordability challenges that New Yorkers continue to face. Using the typical 30 percent rule, tenants in Manhattan would need an income of $195,120 to afford the average rental in Manhattan. In Brooklyn, a $159,400 income is required, with Queens and the Bronx requiring $137,080 and $123,960, respectively.
Add that to the fact that moving isn't a realistic option, with that costing New York renters almost twice as much as they currently pay per month, according to Realtor.
While in theory, Mayor Zohran Mamdani's looming rent freeze on stabilized apartments might offer some short-term relief to cost-strapped renters, Realtor warned that this could further exacerbate affordability challenges in the future when looking for new rentals.
"If the freeze holds, the cost-to-move penalty doesn't just persist—it could grow every year, making an exit from a stabilized unit even more financially devastating," Realtor said.
"The result could be a city where tenants are protected, but effectively trapped in place—unable to upsize for a growing family, relocate for a new job, or leave a neighborhood that no longer fits their lives."
Until then, all regional landlords and tenants can do is wait for the official decision from the NYC Rent Guidelines Board, which sets the allowed annual increase on stabilized apartments, if any. The board is set to hold hearings and conduct a final vote in June, with a preliminary decision set for May 7.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.