Over 50% of residents in New York City are renters – among the highest shares in the nation.
New York, NY, is a global center of finance, culture, and entertainment, known for its skyscrapers, diverse neighborhoods, and renowned cuisine. Residents can enjoy hundreds of parks, like Central Park, an expansive green space perfect for leisure and recreation, and the High Line, a unique elevated park with stunning views. Other notable landmarks include the Statue of Liberty, Times Square, the Empire State Building, and the histforic Brooklyn Bridge, among countless others.
Importantly, the city’s population noticeably declined during the pandemic and has struggled to rebound since. While this is partly due to international migration being cut off for over a year, many residents left due to the sky-high cost of living, which has been rising consistently for the past ten years.
But what’s happening with the rental market? And why do so many New York residents rent their home? Read on to learn everything you need to know.
50.1% of New York residents are renters; 49.9% are homeowners
50.1% of New York City residents rent their home – the third-highest share in the country. 49.9% of residents own their home. New York also has the second-highest rentership rate when averaging over the past five years, at 50%, second only to Los Angeles.
A major reason for the high rentership rate is likely the housing market. House prices have been consistently rising across the country, and have been especially unaffordable in coastal metros like Los Angeles and New York. The median sale price for a home in New York is $850,000, nearly twice the national median of $442,000.
These high house prices can have the effect of pushing people into renting, but rent prices in New York are among the highest in the country. As of June 2024, only San Jose had a higher median asking rent among the largest metros in the country. Rent prices in NYC grew especially quickly following the pandemic and are now affordable to just 5% of the city’s population.
This combination of high sale and rent prices has dramatically affected people’s ability to afford housing. Over half of NYC residents now spend more than 30% of their income on rent. Rent prices are so high largely because landlords have the upper hand, due to sufficient demand fueled by unaffordable house prices. The majority of
What’s happening with nationwide rentership rates?
Nationwide, the rentership rate rose 1.9% year over year to 34.4% in the second quarter of 2024, meaning over one-third of Americans are renters. In contrast, homeownership saw a modest 0.6% increase, but remains much more common at 65.6%.
This is the third-straight quarter that rentership outpaced homeownership. The last time this happened was in 2022, when mortgage rates rose to the highest level since 2008. Rentership consistently outpaced homeownership from 2006-2017, as well.
Why are more people renting?
Rentership rates vary widely throughout the country and are generally correlated to house prices – the more expensive houses are, the more people will be pushed into renting.
One reason for the increase in rentership is because homeownership is historically unaffordable and showing little sign of improving. Sale prices are also growing much faster than rents: 4% year over year compared to 0.7%. Nearly two in five renters don’t think they’ll ever own a home.
Another reason is because rental supply has more or less kept up with increasing demand. New apartment construction skyrocketed to record levels during the pandemic and has only now started to slow, helping keep rent price growth low.
The U.S. has also been adding more renter households than homeowner households since 2022. The number of renter households grew at the second-fastest pace since 2015, while the number of homeowner households grew at the slowest pace since 2022.
Which U.S. metros have the highest share of renters?
Rentership rates are the highest in expensive coastal metros like Los Angeles (53%) and San Diego (52%), where house prices regularly surpass $1 million. Prices are also tied to available rental supply.
Metros with the highest share of renters
| Metro | Rentership rate | Homeownership rate |
| Los Angeles, CA | 53.0% | 47.0% |
| San Diego, CA | 52.4% | 47.6% |
| New York, NY | 50.1% | 49.9% |
| Fresno, CA | 49.0% | 51.0% |
| Austin, TX | 46.3% | 53.7% |
| San Jose, CA | 44.8% | 55.2% |
| Honolulu, HI | 42.5% | 57.5% |
| San Francisco, CA | 41.8% | 58.2% |
| Las Vegas, CA | 41.6% | 58.4% |
| San Antonio, TX | 40.9% | 59.1% |
Which U.S. metros have the lowest share of renters?
In particularly affordable metros, like Worcester, MA (23%) and North Port, FL (23%), rentership rates are the lowest. A lack of rental inventory and zoning restrictions could also play a role.
Metros with the lowest share of renters
| Metro | Rentership rate | Homeownership rate |
| Worcester, MA | 23.2% | 76.8% |
| North Port, FL | 23.3% | 76.7% |
| Albany, NY | 25.6% | 74.4% |
| Rochester, NY | 25.7% | 74.3% |
| Syracuse, NY | 26.2% | 73.8% |
| Cape Coral, FL | 26.3% | 73.7% |
| Cincinnati, OH | 26.8% | 73.2% |
| Hartford, CT | 27.2% | 72.8% |
| Richmond, VA | 27.7% | 72.3% |
| Albuquerque, NM | 27.7% | 72.3% |
Methodology
Based on a Redfin analysis of U.S. Census Bureau data for the 75 largest U.S. metros. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property. A homeowner household is one where the head of household reports they own the property.
