New York City Rent Hits a New High: Just in Time for the Class of 2026

Manhattan Rents Are Up 9.0% as All Four Boroughs Post Increases in Realtor.com®'s Q2 2026 NYC Rental Report

AUSTIN, Texas, July 28, 2026 /PRNewswire/ -- This year's college graduates heading to New York City for work are looking at the most expensive rental market the city has posted since Realtor.com^® began tracking in 2019. The median asking rent climbed to $3,707 in the second quarter of 2026, up $164, or 4.6%, year over year. A studio apartment alone would consume 38.2% of a typical Computer Science graduate's starting New York City salary and 45.2% of a Business graduate's, according to the Q2 2026 NYC Rental Report from Realtor.com^®.

Nationally, the math is far less punishing for new grads. Measuring the class of 2026 national salary against the median asking rent for a studio, a typical studio across the 50 largest U.S. metros would consume just 20.9% of a Computer Science graduate's salary and 24.8% of a Business graduate's, roughly half the share required in New York City.

"For new graduates entering the New York City rental market this summer, the affordability math is tougher than it's been in years," said Jiayi Xu, economist at Realtor.com^®. "Smaller units are in stronger demand, and that's pushing prices up fastest for the very apartments recent grads are most likely able to choose."

Studio Rent as a Share of Class of 2026 Graduate Salary, 2026 Q2

Using Class of 2026 salary projections from the National Association of Colleges and Employers, adjusted with a 20% geographic premium to reflect New York City wage levels, Realtor.com^® estimates a Computer Science graduate would earn about $98,000 in the city and a Business graduate about $83,000.

A Market Already Stretched Before Grads Arrive
The rent grads are facing reflects a broader run-up already underway across the city. New York City rents now sit 30.5% above pre-pandemic levels, compared with a 16.4% gain nationally over the same span. The city saw some of the steepest rent declines of any major metro early in the COVID-19 pandemic, but its median asking rent rebounded to pre-pandemic levels by spring 2022 and has climbed every year since.

That pressure is concentrated at the entry level of the market, the same segment new grads and young professionals are competing in. The median asking rent for units with zero to two bedrooms rose 7.3% year over year to $3,544 in the second quarter, while rent for larger three-plus bedroom units fell 0.6% to $4,886. The divergence suggests renters are competing hardest for compact, more affordable apartments, while fewer households are moving up to larger, pricier units, a pattern that often emerges when high housing costs push renters to double up or delay a move rather than expand their space.

New York City Rents by Unit Size, 2026 Q2

Manhattan Leads Gains as Every Borough Rises
All four boroughs posted year-over-year rent increases in the second quarter. Manhattan led with a 9.0% jump to $5,117, followed by Brooklyn at 5.9% to $4,054, Queens at 5.6% to $3,561, and the Bronx at 0.9% to $3,171. To afford a typical rental while following the standard 30% income guideline, a household would need to earn $204,680 a year in Manhattan, $162,160 in Brooklyn, $142,440 in Queens, and $126,840 in the Bronx.

New York City Rents by Borough, 2026Q2

"Every corner of the city saw rents move higher this quarter, from Manhattan's high end all the way down to the Bronx," said Xu. "That kind of broad-based increase makes it hard for any renter, not just this year's graduates, to find a foothold right now."

Whether that pressure eases will depend on how much new supply reaches the market ahead of next year's leasing season, and whether smaller, entry-level units keep absorbing the bulk of renter demand.

Methodology
New York City rental data as of 2026Q2 for all units advertised for rent on Realtor.com^®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We include rental sources that reliably report data each month within New York City and each of its boroughs. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months. Data for Staten Island is currently under review.

About Realtor.com^®
For over 30 years, Realtor.com^® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com^® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, [email protected] 

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SOURCE Realtor.com