The numbers and rules renters ask us about most, in one place. Updated September 2026.
Median asking rents by borough
| Borough | Median asking rent (Q1 2026) | Change vs. a year earlier |
|---|---|---|
| The Bronx | $3,099 | +1.7% |
| Queens | $3,427 | +3.3% |
| Brooklyn | $3,985 | +3.9% |
| Manhattan | $4,878 | +8.3% |
Rents kept climbing through the summer. By August 2026, Corcoran reported median rents of $5,285 in Manhattan and a record $4,368 in Brooklyn. The Bronx remains the most affordable of the boroughs we serve. Asking rents describe apartments currently on the market; tenants who stay put, especially in stabilized units, often pay much less.
2026 rent freeze for stabilized apartments
| Lease starts | 1-year renewal | 2-year renewal |
|---|---|---|
| Oct 1, 2025 – Sep 30, 2026 | 3% | 4.5% |
| Oct 1, 2026 – Sep 30, 2027 (Order #58) | 0% | 0% |
On June 25, 2026, the NYC Rent Guidelines Board voted to freeze rents on both one- and two-year leases for about 1 million rent-stabilized apartments, home to roughly 2.4 million New Yorkers. It is the first time two-year leases have been frozen. What counts is when your new lease starts, not when you sign it. The freeze does not apply to market-rate (free market) apartments. Not sure which you have? Read Rent Controlled vs Rent Stabilized vs Free Market.
Parts of Westchester (including Yonkers, Mount Vernon, and New Rochelle) have their own rent stabilization system with a separate county board that sets increases.
Broker fees: the FARE Act
In NYC, whoever hires the broker pays the broker. If a landlord hired the broker to list the apartment, the tenant cannot be charged a broker fee. The FARE Act applies only in NYC; in Westchester, any fee is disclosed to you in writing upfront. Details: Broker Fees in NYC and Westchester.
Limits that protect renters in New York
| What | Limit |
|---|---|
| Application fee (background and credit check) | $20 maximum, and it must be waived if you provide a recent background and credit check yourself |
| Security deposit | No more than one month’s rent |
| Late fee | No more than $50 or 5% of monthly rent, whichever is less, and only after rent is at least 5 days late |
More on these: Late Fees, Security Deposits Explained, and Understanding Your Lease Agreement.
Quick tips
- Have your documents ready before you tour. Good apartments go in days.
- Check the building for open violations before you apply.
- Income-restricted and lottery apartments can be far below market. See Affordable Housing Programs.
General information, not legal advice. Figures were checked in September 2026 and change over time.
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