Renter demand in NYC drops as asking rent continues to increase: StreetEasy
NEW YORK (PIX11) – People in New York City are looking to stay in their current apartments instead of moving this summer as rent continues to increase, according to a new study from StreetEasy.
The median asking rent in the Big Apple was $3,800 a month in June, over 1% higher than last year's asking rent, per the study. These rent increases, combined with an average moving cost of over $10,000, are keeping renters from seeking out new apartments, according to the study.
A household in New York City makes a median income of $74,694, which means they would be spending around 14% of their yearly wage just to move, per the study.
The availability of rentals, though, is steadily increasing. There were over 37,000 rentals available in June, which is up nearly 4% from last year, according to the study.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.