3TOMS RIVER, NY – The cost of renting in New York City continues to climb, with the median asking rent reaching $3,599 in the third quarter of this year — a 5.4% jump from 2024, according to a new report from Realtor.com®.

The increase, which pushes city rents 20% above pre-pandemic levels, is putting homeownership within reach for renters willing to relocate to nearby suburbs or more affordable U.S. cities.

Analysts say a renter paying the city’s median rent could afford to buy a home priced between $400,000 and $690,000 in areas such as Yonkers, Toms River, or even Philadelphia and Orlando.

Key Points

Median NYC rent hits $3,599, up 5.4% year-over-year

Rents in Brooklyn and Manhattan show the sharpest increases

Realtor.com data suggests city renters could afford homes in Yonkers,

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