Market Rent Trends and Measurement Universe Comparisons
In June 2026, the Zillow Observed Rent Index for New York City reached $4,133.43 per month, representing a 5.68% increase over June 2025. This metric reflects a model of typical market asking rents across available listings rather than an arithmetic average, a bedroom-specific quote, collected rent, or an individual building valuation.
Annual June observations track an unbroken five-year expansion in typical asking rents. Market rents rose from $2,847.59 in June 2021 to $3,454.38 in June 2022, continuing upward to $3,614.47 in June 2023, $3,750.51 in June 2024, $3,911.25 in June 2025, and $4,133.43 in June 2026. While this confirms an annualized upward trajectory, annual snapshots do not capture intra-year leasing cycles or identify the best calendar month to negotiate a lease.
A fundamentally different reading appears in the Apartment List release from July 1, 2026, which estimates city rent at $2,585.00 per month. Rather than conflicting with the ZORI metric, this figure captures a separate universe concentrated on recent transacted leases. Apartment List also documents a citywide rental vacancy rate of 3.41% alongside a time-on-market index of 24.0 days.
These divergent data points serve distinct analytical purposes and must not be blended. Renters reviewing current availability should verify whether gross asking quotes incorporate utility allowances or short-term concession months. Prospective investors must evaluate physical building rent rolls rather than assuming index-level asking figures mirror existing tenant collections.
Tenant Affordability Screens and Census Survey Baselines
Under the standard 30% gross income budgeting rule, the June 2026 ZORI typical market-rent index of $4,133.43 requires an annual household income of $165,337.35. This threshold serves as an underwriting scenario rather than a statutory eligibility test or an assurance that disposable income remains sufficient after taxes.
Census ACS 2024 5-year data indicates that the citywide median household income is $80,483.00, which yields a monthly rent of $2,012.07 under a 30% scenario screen. At this earning level, the June 2026 asking market rent represents 61.63% of gross monthly earnings.
The ACS 2024 5-year survey records a median gross rent of $1,821.00 per month across existing occupied rentals, incorporating selected tenant-paid utilities over a multi-year window. The June 2026 ZORI index exceeds this survey baseline by $2,312.43 per month, generating an asking-versus-survey gap of 126.99%.
Among New York City's 2,241,032 renter households, the ACS 2024 5-year release shows that 52.41% are rent burdened, allocating 30% or more of income toward gross rent. This observed burden reflects existing living arrangements across the city's 67.22% renter-occupied housing base, contrasting with prospective scenario assumptions rather than landlord rules or lease approvals.
Borough-Level Performance and Housing Stock Profiles
Conditions vary widely across New York City's five constituent counties. In New York County (Manhattan), the June 2026 Zillow rent index registered $4,833.00 against a typical home price of $1,217,330.00, yielding a gross yield of 4.76%. IRS migration figures for 2022-2023 recorded net inbound migration of 4,272 residents, while HMDA 2024 data showed an investor purchase share of 6.20%, and the ACS 2024 5-year effective property tax rate stood at 0.92%.
Kings County (Brooklyn) recorded a June 2026 rent index of $3,808.00 and a typical price of $957,100.00, producing a gross yield of 4.77%. Property appreciation recorded by the FHFA House Price Index rose 4.63% in 2025 and 20.13% over five years. Kings County experienced net out-migration of 10,785 individuals in IRS 2022-2023 records, with an investor purchase share of 17.88% and a property tax rate of 0.71%.
In Queens County, the June 2026 rent index stood at $3,256.00 and typical home values stood at $743,682.00, providing a gross yield of 5.25%. FHFA data showed home values grew 4.61% in 2025 and 26.12% over five years. Queens recorded net out-migration of 17,109 individuals and an investor share of 15.05%. Realtor.com inventory data for Queens County in June 2026 showed 4,484 active listings, a median 65.0 days on market, and a 9.27% price-reduced share.
Bronx County posted the highest county gross yield at 6.83%, supported by a June 2026 rent index of $2,847.00 and home prices of $500,312.00. FHFA annual appreciation reached 6.62% in 2025 and 31.26% over five years. IRS records showed net out-migration of 16,319 residents, while HMDA documented an investor share of 20.09% and an effective property tax rate of 1.03%.
Richmond County (Staten Island) recorded a June 2026 rent index of $2,702.00 alongside home values of $730,781.00, yielding 4.44%. The county saw FHFA price gains of 7.08% in 2025 and 28.07% over five years, with net out-migration of 1,743 individuals and an investor share of 12.81%. In June 2026, Realtor.com reported 866 active listings in Richmond County, 46.0 median days on market, and a 12.62% price-reduced share. Across all five counties, the HUD FY2026 Fair Market Rent benchmark for a two-bedroom unit is an identical $2,910.00, operating as an administrative standard rather than an open-market rent quote.
Regional Metro Backdrop and Neighboring Suburban Alternatives
In New Rochelle, NY, an alternative within the same metropolitan area, the June 2026 ZORI rent stood at $2,973.88, reflecting a 4.45% year-over-year rise. Census ACS 2024 5-year data indicates a median household income of $109,167.00 in New Rochelle, where 51.05% of renter households pay 30% or more of income toward gross rent. This peer comparison is based on rent-index proximity and does not establish transit equivalence, identical municipal services, or comparable housing age.
Similarly, Yonkers, NY offers a same-metro comparison where the June 2026 ZORI rent reached $2,754.09, reflecting 4.29% annual growth. With an ACS 2024 5-year median household income of $83,549.00, Yonkers reports an observed renter burden share of 54.54%. Although asking rents in Yonkers and New Rochelle are lower than New York City's $4,133.43 level, both communities show renter burden rates exceeding 50%, highlighting broad regional cost pressures.
Metropolitan and national macro figures provide wider operational context. For the 12 months ending June 2026, BLS CES data recorded nonfarm job growth of 0.06% across the New York, NY metropolitan area. Census Building Permits Survey data shows 58,152 total building permits issued across the metro through June 2026 YTD, representing 2.94 permits per 1,000 residents. At the national level, Freddie Mac reported a 30-year fixed mortgage rate of 6.69% for the week of July 30, 2026.
Physical inventory metrics from the ACS 2024 5-year release document 3,678,486 total housing units in New York City, of which 344,398 are vacant, yielding a gross vacancy rate of 9.36%. Within this vacant inventory, 85,121 homes are classified as vacant for rent, meaning that 24.72% of all vacant homes are available for rent; this figure must not be confused with a rental vacancy rate. Renter households should inspect physical unit conditions and utility responsibilities, while investors must independently underwrite capital expenditures and insurance costs.
Local rent questions
What accounts for the gap between New York City's market rent index and the Census median gross rent?
The June 2026 Zillow Observed Rent Index reflects typical open-market asking rent at $4,133.43 per month. In contrast, the ACS 2024 5-year median gross rent of $1,821.00 reflects tenant-paid utilities and contract rents across existing leases surveyed between 2020 and 2024. This produces a $2,312.43 asking-over-survey premium (126.99%). The two metrics track distinct populations and methodologies and should not be blended.
How should analysts distinguish the Census vacancy measures from Apartment List vacancy data?
The ACS 2024 5-year survey measures an overall city gross vacancy rate of 9.36% across all 3,678,486 housing units, totaling 344,398 vacant units. Of those vacant units, 85,121 are vacant for rent, establishing that 24.72% of vacant homes are available for rent, which is a share of empty homes rather than a rental vacancy rate. By comparison, Apartment List reports a direct rental vacancy index of 3.41% as of July 1, 2026, measuring vacancy within its specific recent-lease universe alongside a time-on-market index of 24.0 days.
What income is required to satisfy the 30% rent screen in New York City compared to actual resident earnings?
Under the 30% gross income standard, leasing at the June 2026 ZORI typical market rent of $4,133.43 requires an annual gross income of $165,337.35. The ACS 2024 5-year median household income in New York City is $80,483.00, which corresponds to a monthly rent of $2,012.07 under that 30% scenario screen. Although market asking rent represents 61.63% of median household income, 52.41% of existing renter households are observed to be rent burdened under their current lease agreements.
