All homes and bedroom counts
RENTAL MARKET INTELLIGENCE
New York, NY
New York merits investigation by well-capitalized buyers who can accept a modest headline yield and underwrite flood exposure property by property.
Median price$735k
Median rent$3,573
Gross yield5.8%
Job growth▲ 0.1%
Composite Market ScoreRank #299 of 571 scored US market areas
Direct rental answer
How much is rent in New York, NY?
Zillow's metro-wide Observed Rent Index is $3,573 per month for 2026-06-30. That is up 4.53% from a year earlier.
Studio, 1BR and 2BR listings
Occupied rental units paying rent
Two-bedroom standard
These figures are not averaged together. Zillow and Realtor describe asking-rent markets, ACS measures rent paid by surveyed households, and HUD publishes administrative bedroom standards.
Exact county schedules
HUD rent benchmarks inside New York
Every row keeps its own county FIPS schedule. No county is selected as a metro proxy and no synthetic metro FMR is calculated.
| County | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Kings County, NYFIPS 36047 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Queens County, NYFIPS 36081 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| New York County, NYFIPS 36061 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Suffolk County, NYFIPS 36103 | $1,992 | $2,379 | $2,747 | $3,563 | $3,768 |
| Bronx County, NYFIPS 36005 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Nassau County, NYFIPS 36059 | $1,992 | $2,379 | $2,747 | $3,563 | $3,768 |
| Westchester County, NYFIPS 36119 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Bergen County, NJFIPS 34003 | $1,778 | $2,024 | $2,324 | $2,835 | $3,618 |
| Middlesex County, NJFIPS 34023 | $1,804 | $1,978 | $2,486 | $2,981 | $3,296 |
| Essex County, NJFIPS 34013 | $1,612 | $1,822 | $2,205 | $2,761 | $3,137 |
| Hudson County, NJFIPS 34017 | $2,407 | $2,458 | $2,763 | $3,367 | $3,955 |
| Ocean County, NJFIPS 34029 | $1,676 | $1,889 | $2,328 | $3,043 | $3,371 |
| Monmouth County, NJFIPS 34025 | $1,676 | $1,889 | $2,328 | $3,043 | $3,371 |
| Union County, NJFIPS 34039 | $1,612 | $1,822 | $2,205 | $2,761 | $3,137 |
| Passaic County, NJFIPS 34031 | $1,778 | $2,024 | $2,324 | $2,835 | $3,618 |
| Morris County, NJFIPS 34027 | $1,612 | $1,822 | $2,205 | $2,761 | $3,137 |
| Richmond County, NYFIPS 36085 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Somerset County, NJFIPS 34035 | $1,804 | $1,978 | $2,486 | $2,981 | $3,296 |
| Rockland County, NYFIPS 36087 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
| Sussex County, NJFIPS 34037 | $1,612 | $1,822 | $2,205 | $2,761 | $3,137 |
| Hunterdon County, NJFIPS 34019 | $1,804 | $1,978 | $2,486 | $2,981 | $3,296 |
| Putnam County, NYFIPS 36079 | $2,529 | $2,655 | $2,910 | $3,644 | $3,959 |
The read
Why this market scores where it does
New York merits investigation by well-capitalized buyers who can accept a modest headline yield and underwrite flood exposure property by property. Buyers dependent on strong near-term job expansion, easy affordability, or positive migration should avoid treating broad rent growth as sufficient support.
The opportunity is rent momentum: asking rent rose 4.53%, ahead of the 4.08% increase in home value, while gross yield was 5.83%. Limited construction intensity may also restrain competitive additions, although the permit record does not identify where or when units will become available.
The risks are demanding. A $735,003 median value equals 7.41 times median income, and rent absorbs 43.25% of income. Employment grew just 0.06%, while 260,980 households moved out versus 182,693 moving in. Inland flood is the dominant hazard, requiring asset-level insurance, loss, and mitigation checks.
Frequently Asked Investor Questions
Does current rent growth exceed home-value growth?
Yes. Median asking rent increased 4.53% year over year, compared with 4.08% for median home value; the calculated difference is 0.45 percentage points.
What does migration show about household and income flows?
Tax filings show 182,693 households moved in and 260,980 moved out, for net migration of -78,287. Average income was $99,278 for inbound movers and $112,556 for outbound movers, an income gap of -$13,278.
How much investor participation is visible in purchases?
Non-occupants represented 11.39% of purchase mortgages, while total purchases were 111,212. The record does not publish investor activity by property type or submarket.
Investor Quick Takeaways
Gross Yield: 5.8%
Computed from the current Zillow rent and home-value medians.
Rent Momentum: ▲ 4.53%
Zillow ZORI rent growth trend over trailing 12 months.
Investor Activity: 11.4%
Originated investment purchase share (CFPB HMDA).
Climate Exposure: FEMA NRI
Annualized loss ratio evaluated for flood & hurricane risk.
Put the evidence to work
Test the market, then test the deal
Keep New York as the starting point or move into a more specific property and rent check.
Run cash flowStarts with this market's measured price and rentSave to shortlistCompare this metro with up to four other placesCheck rent by ZIPMove from metro context to a local rent benchmarkFind a comparison marketRead a curated two-market decision analysisShare this analysisEmail the canonical link without adding page scriptsReport a data issueSend the figure, source and release period to review
Market pulse
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Months of supplyn/aRedfin unavailable
Median days on marketn/aRedfin unavailable
Listings with price dropsn/aRedfin unavailable
Sale-to-list ration/aRedfin unavailable
Home value growth▲ 4.1%Zillow ZHVI · trailing 12 months
Rent growth▲ 4.53%Zillow ZORI · trailing 12 months
Gross rental yield5.8%Rent × 12 ÷ price
Payroll job growth▲ 0.1%CES · 12m to 2026-06
Release-to-release evidence
What actually changed
This comparison exists because at least one underlying source period advanced. Rebuilding the same data never creates a new observation.
Published score held steady48→48
0 ptsThe published component scores did not move in this release.
Weights were unchanged at metro-2026-07-v2-omb2023, so the movement comes from refreshed evidence and percentile ranks.
The named source periods advanced, but the measured values on this page held steady.
The one chart
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
Reindexed Price vs. Rent Growth
2019 = 100 · annual · 2019–2026
Since 2019, prices are up 44% and rents 37%. Prices running ahead of rents is what compresses yield. ✓ recomputed from series
Composite breakdown
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
Published arithmeticComponent × weight = points
48| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 46 | 30% | 13.80 |
| Rent trend | 67 | 25% | 16.75 |
| Affordability | 1 | 15% | 0.15 |
| Supply pressure | 36 | 15% | 5.40 |
| Climate risk | 78 | 15% | 11.70 |
| Published score | 48 | ||
New York, NY scoreRank #299
48Job growth46/100
Job growth of 0.06% -> current employment momentum offers little support for aggressive rent or occupancy assumptions.
Rent trend67/100
Asking-rent growth of 4.53% -> recent rent momentum is favorable, but buyers should test whether it holds at the specific property and unit type.
Affordability1/100
A 7.41 price-to-income ratio and 43.25% rent-to-income burden -> acquisition pricing is high relative to resident resources, limiting room for rent increases without tenant-pressure risk.
Supply pressure36/100
Permitting of 2.94 per 1,000 residents -> construction intensity appears limited, though the record does not show submarket location, timing, tenure, or unit mix.
Climate risk78/100
An annual climate loss ratio of 0.1085%, with inland flood dominant -> modeled aggregate loss is measurable, but parcel exposure, insurance cost, and mitigation needs require separate review.
The numbers
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
ZHVI Median Price
$735k
YoY ▲ 4.1%
ZORI Median Rent
$3,573
YoY ▲ 4.53%
Gross Rental Yield
5.8%
Rent × 12 ÷ price
$3,573 × 12 ÷ $735,003
Job Growth (YoY)
▲ 0.1%
CES payrolls
Job signal 46/100
Median Household Income
$99k
Census ACS 5-year
Rent Burden
43.3%
Annual rent ÷ household income
Price-to-Income
7.4x
Median value ÷ household income
HUD 2BR Fair Market Rent
$2,617
Market rent 136.6% of FMR
Historical affordability context
Compare aligned 2019 and 2024 asking-rent and nominal household-income endpoints across the direct-overlap metro set.
Independent rent evidence
One market, several legitimate rent benchmarks
These releases observe different homes and different moments. RentMarker keeps them separate: ZORI remains the scoring baseline, while the other sources test how sensitive the market story is to bedroom mix and measurement method.
Monthly benchmark5 of 5 reported values
Zero-based scale$3,573Primary RentMarker baseline
2026-06-30
All homes and bedroom counts
A smoothed metro rent index for observed rentals; it is the primary rent used by RentMarker scores and career ratios.
View source release ↗$2,962−$611 vs ZORI
2026-05
Studio, 1BR and 2BR listings
The median advertised rent in Realtor.com's 50-largest-metro rental report; source NAs remain unavailable.
View source release ↗$2,202−$1,372 vs ZORI
FY2026 FMR
One-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$2,617−$957 vs ZORI
FY2026 FMR
Two-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,830−$1,743 vs ZORI
ACS 2024 5-year
Occupied rental units paying rent
A five-year survey estimate of contract rent plus applicable tenant-paid utilities; it is not a current asking-rent index.
View source release ↗Take the next step
Keep New York as context, then replace market-wide evidence with the candidate property's facts.
Direct local rental evidence
Recent leases and rental-market liquidity in New York, NY
These Apartment List observations match the exact metro CBSA code 35620. They are kept separate from Zillow asking rent, Census occupied-home rent and property-level comparables.
Direct recent-lease rent history
Monthly overall-rent index; missing observations are not filled from another geography.
Recent-lease rent$2,3402026-07 · +1.5% year over year
Rental vacancy5.2%2026-07 · +0.3 percentage points year over year
Time on market27 days2026-07 · -1.3 days year over year
Measured rent retention
How much of gross yield survives the first two measured deductions?
This bridge subtracts direct rental vacancy and effective property tax only. It is not net yield, NOI, cap rate or property cash flow.
measured retention property tax vacancy
- Gross yield
- 5.8%
- Vacancy
- 5.2%
- Effective tax
- 1.4%
- Retained yield
- 4.2%
Regional price level
What feels expensive inside New York
BEA compares each category with the United States, which equals 100. This is a 2024 price-level comparison—not annual inflation.
BEA Regional Price Parities · 2024US = 100
Occupation wage lens
How asking rent sits against major local occupations
Annualized Zillow asking rent is divided by each BLS annual median wage. This is a screening ratio for one wage, not a household budget or affordability verdict.
Six largest published major groupsannual rent ÷ median wage
Office and Administrative Support Occupations$55,080 median wage
77.8%
Healthcare Support Occupations$40,100 median wage
106.9%
Sales and Related Occupations$47,540 median wage
90.2%
Business and Financial Operations Occupations$103,790 median wage
41.3%
Management Occupations$171,990 median wage
24.9%
Transportation and Material Moving Occupations$46,730 median wage
91.8%
Supply pipeline
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
National supply context
Compare this authorization pipeline with asking-rent growth, jobs and for-sale liquidity across the evidence-complete metro set.
Building permits by structure type
units per year · latest year annualised
54,970 units authorised in 2026, 81% of them in 5+ unit buildings. A meaningful share is apartments, which discount first when they lease up. ✓ recomputed from series
Who is arriving, and who is buying
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
Net Household Move
−78,287
182,693 in vs 260,980 out (IRS SOI)
▼ 42.9% of arriving households
Mover Income Gap
−$13,278
Arriving $99,278 vs leaving $112,556
Average AGI per tax return (IRS SOI)
Investor Purchase Share
11.4%
12,667 of 111,212 originated purchase loans
CFPB HMDA 2024
Dominant Hazard
inland flooding
0.108% building value annual loss ratio
FEMA NRI · risk type: water
Compare yield and FEMA exposure →Households arrive mainly from: Los Angeles County · Orange County · Western Connecticut Planning Regi · Cook County · Philadelphia County
✓ 182,693 in − 260,980 out = -78,287 netDirect market links
Where tax-return households moved from and to
These are the largest flows where both counties map to a RentMarker market area. They are a documented subset of the all-US IRS totals above.
Leading inbound markets
- Philadelphia, PA10,894 arriving
- Miami, FL9,096 arriving
- Boston, MA8,431 arriving
Leading outbound markets
- Miami, FL17,217 leaving
- Philadelphia, PA17,010 leaving
- Los Angeles, CA8,964 leaving
Directional moving briefs
Relocation routes involving New York
Each route begins with a direct IRS tax-return household flow and then tests what changes in housing, income, jobs, regional prices and climate evidence.
New York → Miamihome value · asking rent · household income17,217 householdsNew York → Philadelphiahome value · asking rent · household income17,010 householdsNew York → Los Angeleshome value · asking rent · gross yield8,964 householdsBoston → New Yorkasking rent · household income · gross yield8,431 households
The other side
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Employment growth remains weak, leaving little labor-market momentum to support occupancy or further rent gains.
- Net migration is negative, and outbound movers have higher average income than inbound movers, which could weaken the tenant and buyer mix.
- High acquisition prices and heavy rent burdens may compress returns or limit landlords' ability to raise rents.
Inside this metro area
Move from the market-area average to local evidence
Use the available county and city pages to add local price, rent, housing, migration and hazard context to the market-area view.
County records
County · NYKings County$957k home · 4.8% yieldCounty · NYQueens County$744k home · 5.3% yieldCounty · NYNew York County$1217k home · 4.8% yieldCounty · NYSuffolk County$727k home · 5.5% yieldCounty · NYBronx County$500k home · 6.8% yieldCounty · NYNassau County$860k home · 5.0% yieldCounty · NYWestchester County$879k home · 4.3% yieldCounty · NJBergen County$791k home · 4.4% yield
Statistical peers
Market areas that behave like New York
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Market area | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| New York, NY (Target) | 48 | $735k | $3,573 | 5.8% | ▲ 0.1% |
| Los Angeles, CA | 25 | $968k | $2,927 | 3.6% | ▼ 0.1% |
| Boston, MA | 35 | $747k | $3,210 | 5.2% | ▼ 0.8% |
| Riverside, CA | 35 | $586k | $2,539 | 5.2% | ▲ 0.5% |
| Philadelphia, PA | 59 | $395k | $1,928 | 5.9% | ▲ 0.3% |
Provenance
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income and gross rent | direct | ACS 2024 5-year | 2026-08-05 |
| Census ACS 5-year — historical household income | direct | ACS 2019 and 2024 5-year | 2026-08-05 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| Apartment List Rent Estimates — recent-lease rent index | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Time on Market — listing liquidity | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Vacancy Index — rental vacancy | direct | Apartment List 2026-07 | 2026-08-08 |
| BEA County Personal Income — income and population | direct | 2024 County Personal Income (released 2026-02-05); history 1969-2024 | 2026-08-03 |
| BEA Regional Price Parities — metropolitan price levels | direct | 2024 Regional Price Parities (released 2026-02-19); history 2008-2024 | 2026-08-03 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS OEWS — occupation employment and wages | direct | May 2025 OEWS estimates (released 2026-05-15) | 2026-08-03 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2021-2025; latest 2025 vs 2024 | 2026-08-02 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS five-year — ZCTA housing and income | direct | ACS 2024 5-year ZCTA | 2026-08-08 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI history 1975-2025; latest 2025 | 2026-08-02 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD CHAS — renter burden by HAMFI income band | direct | HUD CHAS 2018-2022 ACS 5-year (released 2025-12-23) | 2026-08-03 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| HUD-USPS ZIP-to-county residential-address crosswalk | direct | HUD-USPS 2026Q1 | 2026-08-09 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-30 | 2026-08-06 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-08-06 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Realtor.com Rental Report — top-50 asking rents | direct | top-50 rental asking rents 2026-05 | 2026-08-05 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Redfin Data Center — ZIP resale activity and supply | direct | ZIP rolling 3 months through 2026-06-30; updated 2026-07-03 | 2026-08-12 |
| USDA ERS — Rural-Urban Continuum Codes | direct | USDA ERS 2023 Rural-Urban Continuum Codes | 2026-08-02 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI - metro market rents, not seasonally adjusted | direct | Metro_zori_uc_sfrcondomfr_sm_month.csv | 2026-08-15 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-08-08 |