Realtor.com Report: New York Metro Region Renters Spend Nearly 37% of Their Income on Rent
AUSTIN, TX—While the Realtor.com September Rent Report notes that rents have declined again for the month, increasing affordability in many markets across the country where the typical household spends a little more than 23% of their incomes on rent. However, the New York metro region saw little change in rental costs and the typical household now spends 36.7% of its income on rent.
Realtor.com reports that rents declined again in September, according to its September Rent Report, extending a two-year stretch of easing prices and modestly improving affordability for typical households. The latest drop, the second month-over-month decline since March, reflects the market's normal cooling heading into fall.
The median asking monthly rent for 0–2 bedroom properties in the 50 largest metros was $1,703, down $36 (-2.1%) from a year ago and $10 lower than the prior month. Monthly rents now sit $56 (-3.2%) below their August 2022 peak but remain $241 (16.5%) higher than before the pandemic. Overall, rent growth has been subdued in 2025, with median asking prices up just 0.4% year to date, compared with a 1.9% increase during the same period in 2024.
“Two years of gradual rent declines have given renters a bit more breathing room,” said Danielle Hale, chief economist at Realtor.com. “Still, even as a typical household spends a smaller share of income on rent than a year ago, affordability remains stretched in major markets, particularly along the coasts.”
Affordability Improves, But Challenges Persist
Renters earning the typical household income devoted 23.4% of their income to lease a typical home in September, down from 24.9% one year ago. This shift reflects both modest rent declines and income growth over the past year. Rents declined year-over-year across all unit sizes, led by one-bedroom units at $1,582 (-2.3%), followed by two-bedroom units at $1,885 (-2.2%), and studios at $1,426 (-1.0%).
In September, renters faced the steepest costs in Miami, where housing consumed 37.1% of the typical household income. Los Angeles (37%), New York (36.7%), Boston (32.3%), and San Diego (31.5%) rounded out the top five. Still, rent burdens in each of these markets declined slightly compared with a year ago, showing modest improvement in some of the nation's most expensive metros. The rental-household income share for the New York region declined from 37.6% in September 2024 to 36.7% last month.
According to the Realtor.com report, the median asking rent in the New York metro region (New York-Newark-Jersey City, NY-NJ) in September was $2,903, a decrease of 0.9% from a year earlier. The maximum affordable rent at current household incomes was $2,374.
At the other end of the spectrum, Austin, TX overtook Oklahoma City, OK to become the most affordable rental market, with renters spending just 16.5% of income on a typical lease. Oklahoma City took the second most-affordable spot (16.9%), followed by Raleigh, NC (18.0%), Columbus, OH (18.1%), and Minneapolis, MN (18.7%).
