By the end of June 2025, the median rental price of apartments across New York City reached a record high of $4,700, according to a report by the real estate site RentHop.
Year-over-year, the median rent across the city rose 6.6%, from $4,409 in June 2024 to $4,700 in June 2025. One key contributing factor was that the cost of rent went up at apartments within close proximity to 87% of the city’s subway stations over this period of time, equating to 412 subway stops. This expands upon the increase across 84% of the subway stations from 2023 to 2024.
Another big contributing factor to the upward trend in median rent is the creation of new developments. More people are looking for new places to lease outside of Manhattan, but many of the available units in the outer boroughs are newer and more expensive.
More developments are opening, as developers who began construction before the 421a Exemption point are working to complete their projects before the June 15, 2026, deadline. Many of these new buildings have units with rental prices above the median rent of their respective neighborhoods, as they are in high demand and often come with an assortment of amenities. This trend will likely continue into 2026, as more developments are expected to be completed before the June 15 deadline. Additionally, developers who are unsure about being able to finish before the deadline can now file for an extension through 2031.
Following the implementation of congestion pricing, many prospective renters are now factoring in how close a property is to a subway station. Through the first six months of 2025, ridership in the subway has gone up 7% in New York City, reflecting a preference by much of the population for this form of travel rather than driving and getting caught up in congestion pricing.
Rents went up the most near the Steinway Street subway station, which services the E, M and R trains in Astoria, Queens. The median rent rose 14.29% over the last year, from $2,625 in 2024 to $3,000 in 2025. The Astoria neighborhood has become very attractive to prospective renters, with many new luxury buildings opening and beginning leasing with higher rents over the last year. One such example is the Hearthstone, which began leasing in October 2024, with the cheapest units costing approximately $3,000 a month.
Another subway station where rent in the area increased immensely was the 183rd Street station in Fordham Heights in the Bronx. The median rent in the neighborhood around this station, which services the 4 train, went up 14.19%, from $1,995 in 2024 to $2,278 in 2025.
