New York Rents Hit Record High Despite Mamdani’s Pledge to Lower Costs
Summary
New York City’s median asking rent reached $3,785 in the third quarter of 2026, the highest level since Realtor.com began tracking the data in 2019. Rents rose faster than local earnings, while buying a median-priced home remained far more expensive than renting, according to the report.Key Facts
- The citywide median asking rent rose $162, or about 4.5 percent, from a year earlier.
- The third-quarter median rent was $816, or 27.5 percent, above its pre-pandemic level.
- Manhattan had the largest reported borough increase, with rents up 8.3 percent to $5,375.
- Median asking rents rose 7.1 percent to $3,662 for smaller homes, the largest increase among the housing segments discussed.
- Average hourly earnings for New York City private-sector workers rose 4.2 percent year over year in August 2026, slower than rents for zero- to two-bedroom units.
- The estimated monthly cost of buying a median-priced New York City home was $10,737 in the third quarter, about $6,952 more than renting.
- Mayor Zohran Mamdani took office on January 1 and pledged to lower housing costs; his plan aims to build 200,000 affordable homes and preserve 200,000 more over 10 years.
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