New York City Rent Prices Spike: What Tenants Need to Know
New York City’s rental market continues to evolve, with average rent prices increasing by 5.6% year-over-year in December 2024, reaching $4,700 per month.
The report highlights that rents are now rising at similar rates across all five boroughs, reflecting a more balanced market compared to earlier in 2024.
Manhattan remains the priciest borough, with median rents hitting $4,530—a 6.4% increase from December 2023. Brooklyn followed closely, with rents up 5.8%.
Notably, rental listings are staying on the market much longer than last year, with Manhattan and Brooklyn averaging 51 and 48 days, respectively—dramatic increases of 104% and 60%. Meanwhile, Staten Island, Queens, and the Bronx show smaller shifts, with the Bronx even experiencing a slight decline in days on the market.
As the market adjusts, prospective tenants must navigate higher costs and longer waits for availability.
