New York Residential Rent and Rental Statistics
The median monthly gross residential rent in New York was $1,309 in 2019 according to the Census ACS survey.1 Average gross rent was $1,390 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 median and average rent data will be released in September of 2021.
Data is also available below for New York rental vacancy rates, New York rent as a percent of median income and the fraction of renters in New York.
Real Gross Rent in 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 Real Gross Rent Trends
At $1,309, real median gross rent in New York was at its highest level in 2019 since the series began in 2005. At $1,390, real average gross rent in New York was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in New York: Median, Average, US Median
Real Gross Rent History for New York
| Date | US Median | New York Median | New York Average |
|---|---|---|---|
| 2019 | $1,097 | $1,309 | $1,390 |
| 2018 | $1,077 | $1,297 | $1,382 |
| 2017 | $1,043 | $1,264 | $1,346 |
| 2016 | $1,027 | $1,250 | $1,341 |
| 2015 | $1,017 | $1,244 | $1,321 |
| 2014 | $986 | $1,212 | $1,284 |
| 2013 | $953 | $1,168 | $1,240 |
| 2012 | $940 | $1,148 | $1,224 |
| 2011 | $941 | $1,143 | $1,214 |
| 2010 | $955 | $1,140 | $1,216 |
| 2009 | $960 | $1,121 | $1,213 |
| 2007 | $927 | $1,066 | $1,147 |
| 2005 | $910 | $1,051 | $1,129 |
New York 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 was 4.00% according to Census ACS data.
Rental Vacancy Rate in New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
Trends in New York Rental Vacancy Rate
The rental vacancy rate in New York peaked in 2010 at 5.03%. Since then it has fallen by 1.03% to 4.00%. Data records for this series originated in 2005.
Rental Vacancy Rate: New York, US
Historical Rental Vacancy Rate data for New York
| Date | US | New York |
|---|---|---|
| 2019 | 5.97% | 4.00% |
| 2018 | 6.15% | 4.20% |
| 2017 | 6.18% | 4.19% |
| 2016 | 5.89% | 4.42% |
| 2015 | 5.85% | 4.41% |
| 2014 | 6.32% | 4.34% |
| 2013 | 6.49% | 4.17% |
| 2012 | 6.77% | 4.34% |
| 2011 | 7.40% | 4.48% |
| 2010 | 8.17% | 5.03% |
| 2009 | 8.43% | 4.78% |
| 2007 | 7.87% | 4.70% |
| 2005 | 7.74% | 4.80% |
New York Rent as a Fraction of Income
Using median household income data for New York, 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, median monthly gross rent as a fraction of median household income was 21.78% in 2019 according to the ACS.
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% |
Trends in New York Rent as a Fraction of Income
The fraction of median New York household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 23.40%. Since then it has fallen by 1.61% to 21.78%.
Fraction of Income towards Rent: New York, US
Historical Data for Annual Rent as a Fraction of Income in New York
| Date | US | New York |
|---|---|---|
| 2019 | 20.03% | 21.78% |
| 2018 | 20.50% | 22.53% |
| 2017 | 20.13% | 22.67% |
| 2016 | 20.43% | 22.78% |
| 2015 | 20.63% | 23.13% |
| 2014 | 20.89% | 23.40% |
| 2013 | 20.78% | 23.20% |
| 2012 | 20.65% | 22.94% |
| 2011 | 20.70% | 22.98% |
| 2010 | 20.50% | 22.60% |
| 2009 | 20.12% | 21.60% |
| 2007 | 18.66% | 20.34% |
| 2005 | 18.89% | 20.40% |
Renter Fraction in New York
You can calculate the renter fraction in New York 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 as a fraction of total New York households. In 2019 46.48% of households were renters according to Census ACS data.
New York 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% |
Trends in the New York Renter Fraction
The New York household renter fraction peaked in in 2014 at 47.02% and is now 0.54% below that level. The origin year for the series is 2005.
Fraction of Renting Households: New York, US
History of New York Renter Fraction
| Date | US | New York |
|---|---|---|
| 2019 | 35.89% | 46.48% |
| 2018 | 36.05% | 46.33% |
| 2017 | 36.13% | 46.20% |
| 2016 | 36.88% | 46.72% |
| 2015 | 36.97% | 46.93% |
| 2014 | 36.90% | 47.02% |
| 2013 | 36.50% | 46.35% |
| 2012 | 36.09% | 46.35% |
| 2011 | 35.42% | 46.41% |
| 2010 | 34.65% | 45.75% |
| 2009 | 34.13% | 44.97% |
| 2007 | 32.80% | 44.48% |
| 2005 | 33.10% | 44.67% |
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. ↩
