Monthly apartment rent and rental growth in New York City, NY 2018-2023
The median rent for one- and two-bedroom apartments in New York City, NY, exceeded 2,100 U.S. dollars at the beginning of 2023. Rents decreased after the beginning of the coronavirus pandemic, by over 21 percent as of December 2020. This trend quickly reversed, and in December 2021, the annual rental growth stood at over 34 percent. In December 2023, renters paid about 2,238 U.S. dollars per month to live in the Big Apple. Among the different states in the U.S., New York ranks as one of the most expensive rental markets.