New York City median asking rent rises 4.5% to record $3,785 in third quarter
XLRE•New York City’s median asking rent rose 4.5% year over year to a record $3,785 in the third quarter of 2026. Manhattan rents increased 8.3% to $5,375, while monthly costs to buy a median-priced home were $10,737.
1. Rents reach a record
New York City’s median asking rent climbed 4.5% year over year to $3,785 in the third quarter of 2026. Rents for zero- to two-bedroom units rose 7.1% to $3,662, compared with 4.2% growth in citywide private-sector hourly earnings in August; Manhattan led borough increases, with rents up 8.3% to $5,375.
2. Homeownership costs
Buying a median-priced home cost an estimated $10,737 per month, down about 1% year over year but $6,952 more than renting. Mortgage rates surpassed 7% in late September; at 7%, estimated monthly ownership costs would reach $11,008, erasing savings from lower home prices.
