A rude awakening could be awaiting this year’s college graduates heading to New York City for work.
Realtor.com reported that they are looking at the most expensive rental market the city has posted since it began tracking that data in 2019.
The median asking rent climbed to $3,707 in the second quarter of 2026, up $164, or 4.6%, year over year. It said a studio apartment alone would eat up 38.2% of a typical Computer Science graduate’s starting New York City salary and 45.2% of a Business graduate’s, according to the Q2 2026 NYC Rental Report from Realtor.com.
Nationally, Realtor.com noted that the math is far less punishing for new college graduates.
It said that measuring the class of 2026 national salary against the median asking rent for a studio, a typical studio apartment across the 50 largest U.S. metros would consume just 20.9% of a Computer Science graduate’s salary and 24.8% of a Business graduate’s.
That’s about half the share required in New York City.
Salary Projections
“For new graduates entering the New York City rental market this summer, the affordability math is tougher than it’s been in years,” said Jiayi Xu, Economist at Realtor.com. “Smaller units are in stronger demand, and that’s pushing prices up fastest for the very apartments recent grads are most likely able to choose.”
Realtor.com said that using Class of 2026 salary projections from the National Association of Colleges and Employers, adjusted with a 20% geographic premium to reflect New York City wage levels, Realtor.com estimates a Computer Science graduate would earn about $98,000 in the city and a Business graduate about $83,000.
The rent recent graduates are staring at reflects a broader run-up already underway across the city, Realtor.com said.
Rents in New York City now sit 30.5% above pre-pandemic levels, compared with a 16.4% increase nationally over the same span, Realtor.com noted. The Big Apple saw some of the steepest rent declines of any major metro early in the COVID-19 pandemic, but its median asking rent rebounded to pre-pandemic levels by spring 2022 and has risen each year since, Realtor.com noted.
The website noted that pressure is concentrated at the entry level of the market, the same segment new graduates and young professionals are competing in.
Median Rent is Up
Realtor.com reported that the median asking rent for units with zero to two bedrooms rose 7.3% year over year to $3,544 in the second quarter, while rent for larger three-plus bedroom units fell 0.6% to $4,886. The divergence suggests renters are competing hardest for compact, more affordable apartments, while fewer households are moving up to larger, pricier units.
That’s a pattern that often emerges when high housing costs push renters to double up or delay a move rather than expand their space, Realtor.com said.
“Every corner of the city saw rents move higher this quarter, from Manhattan’s high end all the way down to the Bronx,” Xu said. “That kind of broad-based increase makes it hard for any renter, not just this year’s graduates, to find a foothold right now.”
