The median monthly asking rent of single family homes and apartments in Manhattan, New York plummeted in 2020, following the coronavirus (COVID-19) pandemic outbreak. The average rent in Upper East Side fell below 2,800 U.S. dollars, only to surge in the next two years. In June 2023, a residential property in Downtown Manhattan had an average rent of nearly 5,000 U.S. dollars.

The median rent for one- and two-bedroom apartments in New York City, NY, exceeded 2,328 U.S. dollars at the beginning of 2025. Rents soared during the COVID-19 pandemic rising by over 32 percent in December 2021. Rental growth slowed in the following three years but remained positive. In January 2025, rents increased by 3.9 percent year-on-year.Among the different states in the U.S., New York ranks as one of the most expensive rental markets.

Graph and download economic data for Rental Vacancy Rate for New York (NYRVAC) from 1986 to 2024 about vacancy, rent, NY, rate, and USA.

The monthly median asking rent for unfurnished apartments in the United States declined by about 74 U.S. dollars between in 2023. In the fourth quarter of 2023, the median rent amounted to 1,751 U.S. dollars, down from 1,825 U.S. dollars in 2022. This decrease followed a decade of steady growth, interrupted only in 2020 during the COVID-19 pandemic. The U.S. rental market As rental apartment vacancy rates fall, rents are on the rise. This makes it more difficult for Americans to, first, find an apartment to rent, and second, find an apartment which they can afford. Nevertheless, renting has become much more common in recent years, with the number of renter households having substantially increased in the past two decades. In 2023, there were approximately 45 million renter households in the U.S. Rents in different states Of course, rents vary from state to state. The most expensive rents are found in Hawaii, California, District of Colombia, New Jersey, and Florida. Following the COVID-19 pandemic, growth was the strongest in the Sun Belt states, and especially in states with lower costs of living, such as Texas. In Austin, TX, the average rent soared by nearly 26 percent in 2021, and remained elevated, despite a slight decline in 2023.

The average asking rent for office space in Midtown Manhattan in the fourth quarter of 2023 was highest in the Plaza District. The square foot of space cost 93.3 U.S. dollars to rent in that quarter. The cheapest submarket to rent office space was Columbus Circle, where a square foot cost 68.32 U.S. dollars. Times Square was the only district where the average rent rose between the fourth quarter of 2022 and the fourth quarter of 2023.

The median monthly asking rent of single family homes and apartments in Brooklyn, New York has surged dramatically since 2020, when it slightly dipped as the coronavirus (COVID-19) pandemic unfolded. From 2,400 U.S. dollars in 2020, Brooklyn rents soared to 3,400 U.S. dollars in June 2023.

In 2024, New York, NY, was the most expensive rental market for one-bedroom apartments in the United States. The median monthly rental rate of an apartment in New York was 4,280 U.S. dollars, while in San Francisco, CA which ranked second highest, renters paid on average 3,160 U.S. dollars.

Rental rates in the United States increased steadily since 2008. In 2023, the producer price index for gross rent in office buildings reached 132.9 index points. This means that between 2008 when the index value was set to 100 and 2023, gross office rents grew by about 33 percent. Manhattan, San Francisco, and Boston are among the biggest and most expensive markets for office space in the United States.

Home of the New York Stock Exchange, Times Square, the Theater District, and countless other landmarks, Manhattan is undoubtedly among the most expensive commercial real estate markets in the United States. On 5th Ave (49th St. - 59th St.), the annual asking rent of retail space reached 2,750 U.S. dollars per square foot in the first half of 2023. Broadway & 7th Ave (42nd St. - 47th St.) had the second highest rent among Manhattan corridors, with a median asking rent of 980 U.S. dollars.

In New York City, one of the United States’ most iconic destinations, Airbnb has established itself as a key player in the accommodation market. In 2025, Airbnb customers booked an average of 47 nights per stay, with an average price of 119 U.S. dollars per night. Meanwhile, the average income per property was 7,062 U.S. dollars that year. Are Airbnb rentals expensive in New York City? As of early 2024, the most expensive Airbnb properties per night in the United States were in San Francisco. This was followed by Los Angeles and San Diego. In comparison, the average cost of a night’s stay at an Airbnb property in New York City is less than half of the cost of a night in San Francisco. How many Airbnb properties are there in New York City? In early 2024, the Airbnb market in New York City offered more than 39.7 thousand properties accommodating to the different needs of visitors to the city. There are a variety of types of Airbnb properties in New York City, the most common of which were entire homes and apartments, followed by private rooms. The majority of Airbnb listings also catered to longer-term stays, in light of city regulations on housing.

The amount of office space in Midtown Manhattan amounted to 241.3 million square feet in the first quarter of 2024. This was the largest district in terms of office inventory, followed by Midtown South and Downtown Manhattan. Importance of New York for office spaceManhattan is the most famous borough of New York City, and is home to the headquarters of many international organizations as well as multinational corporations, such as the United Nations, Citi and Pfizer. The borough is also located on an island in the middle of the city, which means that the volume of space is limited in supply and that real estate is in high demand there. Asking rents in the borough are, consequently, very high. Availability of office spaceThe availability rate of office space in Manhattan varies between the districts, but is almost 17 percent on average. This means that roughly 17 percent of total rentable space is available.

In Texas, Austin was the most expensive market for office space in the second quarter of 2024. The rental rate of class A offices was nearly 52 U.S. dollars per square foot, compared to 26 U.S. dollars per square foot for El Paso. Dallas, which is the largest office real estate market in the state, had rental rates of about 30.3 U.S. dollars for all classes and 35.7 U.S. dollars for class A offices. In the United States, Manhattan, San Francisco, and Silicon Valley-South Bay fetch the highest office rental rates.

As of December 2024, San Diego recorded the highest average price per night of Airbnb listings among the selected cities in the United States. In this city, accommodation listed on the Airbnb website cost on average 296 U.S. dollars per night. Meanwhile, prices in New York City amounted to an average of 119 U.S. dollars per night.