NEW YORK (PIX11) — The cost of rent in New York City has risen sharply within the last five years, according to a study released on Thursday.
The study released by SmartAsset analyzed data from Zillow’s Observed Rent Index between February 2025 and February 2026.
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New York City ranks fifth on the list.
The average cost of rent in 2025 for the City was $3,517. In 2026, it went up to $3,706. That is 5.36% rise compared to the previous year. Over the past five years, New York City rents have increased by nearly 50 percent, according to the study.
Other cities that have experienced large rent changes include San Francisco, Reno, Nevada, Chicago, Virginia Beach, Virginia, and Lexington, Kentucky.
Meanwhile, cities like Austin, Washington, D.C., San Antonio, and Phoenix saw the biggest rental decreases, according to the study. For more information, click here.
Andrew Cruz is a digital content producer. A native New Yorker, he joined PIX11 in 2009 as a weather producer. More of his work can be found here.
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