Labor Market, Salaries, and Rental Prices in New York City in June 2023

New York is one of the most expensive cities in the USA for renting housing. Rental prices in this metropolis significantly exceed the national average. As of June 2023, average rental prices in New York continue to rise. In this article, we will look at current data on rental prices in various neighborhoods of New York, as well as average salaries and the job market in this city.

The article presents fresh data on average housing rental prices in New York, analyzing changes compared to previous months and years. The availability of housing in different areas of the city is considered, highlighting the most expensive and more affordable options. Information on average salaries and the job market in New York is also provided, including major employers and leading industries. The article will help readers get a comprehensive understanding of the housing rental market situation in New York and explore opportunities for work and living in this city.

Average rental prices in New York as of June 2023

According to the latest data, rental prices for housing in New York remain high and continue to rise. The most popular options are apartments with one and two bedrooms. The average rental price for one-bedroom apartments is $3,900 per month, which is a 3.20% increase compared to the previous month and an 8.30% increase compared to the previous year. The average rental price for two-bedroom apartments is $4,240 per month, increasing by 6.00% in the last month and 7.30% in the past year. This indicates that housing rental in New York continues to be high and unaffordable for many residents.

These rental prices in New York significantly exceed the national average. According to Zumper’s National Index data, the average rental price for a one-bedroom apartment across the country is around $1,500 per month, which remains unchanged compared to the previous month. The average rental price for a two-bedroom apartment is $1,890 per month, which is only a 0.3 percent increase.

Thus, New York continues to be one of the most expensive cities for renting housing, and prices continue to rise.

The most affordable and expensive neighborhoods in New York City for rent

New York City is a city with diverse neighborhoods, and each neighborhood has its own characteristics and rental prices. Here are some of the most affordable and expensive neighborhoods for rent in the city:

Prices are listed for one-bedroom apartments:

Most affordable neighborhoods:

Central Harlem – the average rental price is $2,500 per month.

Astoria – the average rental price is $2,585 per month.

Bedford-Stuyvesant – the average rental price is $2,700 per month.

Most expensive neighborhoods:

NoMad – the average rental price is $5,590 per month.

Chelsea – the average rental price is $5,580 per month.

Tribeca – the average rental price is $5,400 per month.

These data show that there are neighborhoods in New York City where rental prices are more affordable, but there are also neighborhoods where rental prices are significantly higher.

Average salaries, job market, and major employers in New York City

When it comes to rental prices in New York City, it is important to consider average salaries and the state of the job market in this city as well. According to the latest data, the average net salary in New York City is $6,530 per month after taxes (this data is provided by the numbeo website).

In the job market of New York City, there are several major employers. The largest employer is the New York City Department of Education with more than 48,000 employees. Significant numbers of employees are also found in companies such as Citi (26,000+), Morgan Stanley (22,000+), Verizon (18,000+), Jpmorgan Chase & Co. (16,000+), and New York-Presbyterian Hospital (16,000+).

The most significant industries in New York City are financial services, marketing and advertising, higher education, information technology, and healthcare. The number of people employed in these industries exceeds 200,000. The largest industry in New York City remains financial services, where the number of employed individuals exceeds 500,000. Therefore, New York City is ideal for those seeking employment in the financial services sector.

Thus, although rental prices in New York City are significantly higher than the national average, the city offers wide employment opportunities and competitive salaries in various industries.