We know living in NYC is expensive—but it’s never been this expensive! According to a February 2025 report from Douglas Elliman, rent in Manhattan has reached a new high. The median monthly Manhattan rent sits at $4,500, while the average Manhattan rental price comes out to $5,368 per month. That’s nearly four times the average rent across the U.S., according to RentalRealEstate.
Rents have sky-rocketed while the vacancy rate stands at a tight 2.4%, making it a tough situation for those looking to find a rental. In February 2024, NYC’s vacancy rate was even worse, reaching an all-time low of 1.4%.
Currently looking year-over-year, median Manhattan rents have increased at a rate of 6.4%. Not to mention, bidding wars reached a new high across the market share, accounting for more than one in four rentals.
Rentals in Brooklyn aren’t too far behind, with a median monthly rent of $3,600, seeing a 2.9% increase year-over-year. Northwest Queens’ median rent is $3,466, rising a whopping 7% year-over-year.
NYC’s soaring rental prices coincide with a time when a $100,000 salary only amounts to around $35,791, when taking NYC’s cost of living into consideration.
So if you’re in an ongoing search for an NYC rental, a good tip would be avoiding NYC’s most expensive neighborhood.
To save anywhere you can, may we suggest you check out the best FREE things to do in NYC. Plus, if you have a New York Public Library card, you have access to tons of free things you probably weren’t even aware of.