Average Rent in New York City 2026
The average rent in New York City, NY is $3,500 for a 1-bedroom, $4,200 for a 2-bedroom, and $5,000 for a 3-bedroom apartment in 2026. The cost of living in New York City is 87% above the national average. To afford a 1-bedroom apartment here using the 30% rule, you need an annual income of at least $140,000.
New York City Rent Prices by Bedroom
1 Bedroom
$3,500
per month
2 Bedrooms
$4,200
per month
3 Bedrooms
$5,000
per month
Cost of Living in New York City
187
Cost of Living Index (100 = national average)
New York City's cost of living index is 187, which is 87% above the national average. This index factors in housing, groceries, transportation, healthcare, and utilities. A higher number means you need more income to maintain the same standard of living compared to the national average.
New York City at a Glance
Population
8.3M
Median Income
$74,694
COL Index
187
Rent Control
Yes
How Much Income Do You Need to Rent in New York City?
The widely accepted guideline is to spend no more than 30% of your gross income on rent. Here is the minimum annual income you need to afford an apartment in New York City by bedroom count:
1-Bedroom
$3,500/mo rent
$140,000/yr
2-Bedroom
$4,200/mo rent
$168,000/yr
3-Bedroom
$5,000/mo rent
$200,000/yr
Based on the 30% rule: monthly rent should not exceed 30% of gross monthly income.
How Much You Save with a Roommate in New York City
Save $1,400/month
by splitting a 2-bedroom with a roommate
Solo 1BR
$3,500
per month
Split 2BR
$2,100
per person/month
Annual Savings
$16,800
per year
Instead of paying $3,500 for a 1-bedroom on your own, splitting a 2-bedroom ($4,200) with one roommate brings your share to $2,100. That is $16,800 per year you could put toward savings, investments, or paying down debt.
Rent Control in New York City
New York City has rent control or rent stabilization
New York City has rent stabilization and rent control laws. Rent-stabilized apartments (built before 1974 in buildings with 6+ units) limit annual increases to rates set by the Rent Guidelines Board. True rent-controlled apartments are rarer and apply to tenants (or their successors) who have lived in the same building since before July 1, 1971.
Rent Calculators for New York City Renters
Use these free calculators to plan your New York City rental budget, split rent with roommates, and check if you qualify for an apartment.
Rent Affordability Calculator
Find out how much rent you can afford based on your income.
Fair Rent Split Calculator
Split rent fairly by room size, features, and income.
Rent-to-Income Calculator
Check if you meet the 3x rent rule landlords require.
Renter Budget Calculator
Build a 50/30/20 budget around your rent payment.
Frequently Asked Questions About Renting in New York City
Is New York City expensive to rent in?
Yes. New York City is the most expensive rental market in the United States. The average 1-bedroom apartment rents for $3,500 per month in 2026, which is roughly 87% above the national average. Manhattan is the priciest borough, while the Bronx and parts of Queens offer more affordable options.
How much income do you need to rent in NYC?
Most NYC landlords require tenants to earn at least 40 times the monthly rent annually. For a $3,500/month apartment, that means a gross annual income of $140,000. If you cannot meet this threshold, many landlords will accept a guarantor who earns 80 times the rent.
How much can you save by splitting rent with a roommate in New York City?
Splitting a 2-bedroom apartment ($4,200/month) with one roommate brings your share to $2,100 — saving $1,400 per month compared to renting a 1-bedroom alone. That adds up to $16,800 per year in savings.
Planning to rent in New York City?