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High rents in NYC led to less demand for units in June 2024: report
High rents in NYC led to less demand for units in June 2024: report

Jul. 23, 2024 By Ethan Marshall

The median asking price for rent in New York City rose in June 2024 compared to the same time the previous year, contributing heavily to less demand for rentals, according to a report by the real estate listing site StreetEasy.

Year-over-year, the median asking rent in New York City increased 1.3%, from $3,751 in June 2023 to $3,800 in June 2024. Over the same period of time, inventory of rentals on the market also increased, up 3.7%, from 35,869 in 2023 to 37,196 in 2024. However, even with a larger inventory, the higher rent and upfront costs are dampening the market for potential renters.

New York City residents who earned the city’s average annual wage in 2023 were unable to afford living in more than 95% of the rentals then. With the median rent having gone up since then, that percentage could end up going even further up by the end of 2024.

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