New York City Rent Hits Record High as Renters Face a Squeeze From Both Sides

Median asking rent reaches $3,785, up 4.5% year over year, while buying a typical home costs nearly $7,000 more per month and mortgage rates top 7%

AUSTIN, Texas, Oct. 27, 2026 /PRNewswire/ -- New York City renters are being squeezed from both sides as the median asking rent reached a record $3,785 in the third quarter, up $162, or 4.5%, from a year ago, while buying a median-priced home cost $6,952 more per month than renting. With mortgage rates above 7%, the estimated monthly cost of that same home would rise to about $11,008, according to the Realtor.com^® 2026 Q3 NYC Rental Report.