Introduction to NYC Rent Prices
The average cost of rent across New York City reached $3,966 a month by the end of April 2025, amounting to 144% more than the national average of $1,625, according to a report by Apartments.com.
Calculating a Comfortable Salary
Based on the average rent in New York City, residents would need to be earning $13,206 a month, or $158,472 a year, in order to live comfortably. This type of salary would allow one to devote no more than 30% of their monthly income towards paying the rent.
Year-Over-Year Rent Increase
New York City’s $3,966 average rent represents a 1.9% increase year-over-year from the $3,889 monthly rent entering May 2024. Additionally, the same study found that the average size of an apartment in New York City was 599 square feet at the start of May 2025.
Most Expensive Neighborhoods
All of the ten most expensive New York City neighborhoods are in the borough of Manhattan. Seven of the ten most expensive neighborhoods also have average apartment sizes higher than the average in New York City.
Top 10 Most Expensive Neighborhoods
Lincoln Square was the most expensive neighborhood in New York City, with an average monthly rent of $7,248. West Village was a distant second, at $6,438 a month, followed by the Lower West Side at $6,359, Hell’s Kitchen at $6,314 and Greenwich Village at $6,240. Rounding out the top ten are Chelsea ($6,217), Midtown West ($5,999), Gramercy Park ($5,964), the Upper West Side ($5,925) and Midtown South ($5,891).
Rent Prices in Queens
In Queens, the most expensive neighborhood is Long Island City, with average rents of $3,605 for studios, $4,131 for one-bedroom units, and $5,868 for two-bedroom apartments. Other neighborhoods experiencing notable rent increases include Astoria, where one-bedroom rents rose from $2,720 in 2024 to $3,041 in 2025, and Rego Park, where two-bedroom rents increased from $3,656 to $4,028 over the same period.
Cost of Living in Queens
The cost of living in Queens is 45.2% higher than the national average, with housing being 134.6% more expensive. Residents can also expect to pay 11.1% more for groceries, 9.4% more for utilities, and 2.4% more for transportation compared to the national average.
Conclusion
The rising rent prices in NYC, especially in Manhattan and parts of Queens, pose significant challenges for residents trying to afford housing. With average rents exceeding $3,900 and the need for a six-figure salary to live comfortably, the city’s affordability crisis continues to deepen.
FAQs
Q: What is the average monthly rent in NYC as of May 2025?
A: The average monthly rent in NYC reached $3,966 by the end of April 2025.
Q: How much more expensive is the average rent in NYC compared to the national average?
A: The average rent in NYC is 144% more than the national average of $1,625.
Q: What salary is required to live comfortably in NYC?
A: Residents would need to earn $13,206 a month, or $158,472 a year, to devote no more than 30% of their income towards rent.
Q: Which neighborhoods have the highest average rent in NYC?
A: The top 10 most expensive neighborhoods are all located in Manhattan, with Lincoln Square being the most expensive at $7,248 per month.
Q: How does the cost of living in Queens compare to the national average?
A: The cost of living in Queens is 45.2% higher than the national average, with significant increases in housing, groceries, utilities, and transportation costs.
