As of June 2025, New York City's median rental price hit a record high of $4,700, rising 6.6% from the previous year. The increase primarily came from rising rents near 87% of subway stations, with significant growth in areas like Astoria. New developments are adding to the rental market, especially in outer boroughs, which offer newer and more expensive units. Additionally, the implementation of congestion pricing has heightened the importance of proximity to subway stations for potential renters.
By the end of June 2025, the median rental price of apartments across New York City reached a record high of $4,700, a rise of 6.6% from the previous year.
The cost of rent went up at apartments within close proximity to 87% of the city's subway stations, equating to 412 subway stops.
Many new developments are attracting renters outside of Manhattan, as units in outer boroughs are newer and more expensive, often surpassing the median rent.
The Steinway Street subway station in Astoria, Queens, saw the greatest rent increase of 14.29%, reflecting a strong preference for proximity to subway stations.
#nyc-rental-market #median-rent-increase #subway-station-impact #new-developments #congestion-pricing
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