Asking Rent On Upper West Side Passes $4,000, Data Shows

UPPER WEST SIDE, NY — It now will typically cost you more than $4,000 a month to rent an apartment on the Upper West Side, according to a new report from StreetEasy.

The new report broke down the NYC housing market for May of 2022, and while there were some positive findings, wallets on the Upper West Side won't be particularly happy.

To lead with the positive, the number of available rentals throughout the city is starting to slightly increase for the first time in 18 months. This means that there should be less crowded rental open houses or even bidding wars.

Rent prices, though, are still climbing — and that includes on the Upper West Side.

The median asking rent for the Upper West Side in May was $4,250, a staggering 42 percent increase from the record lows seen in the neighborhood last year.

"So while supply (available apartments) is increasing, it has not increased fast enough to meet demand, and prices have continued to rise," StreetEasy wrote in its report.

Here's more information for the Upper West Side real estate market during May.

• Median Asking Price: $1,795,000
• Median Asking Price YoY Change: +12.50 percent
• Median Asking Rent: $4,250
• Median Asking Rent YoY Change: +41.70 percent
• Median Recorded Sales Price: $1,052,500
• Median Recorded Sales Price YoY Change: -2.80 percent

To compare these prices to a more recent set of months, the median asking price to buy a home on the Upper West Side for the first quarter of 2022 was $1,595,000, and the median asking rent was $3.875.

It means that the asking rent in the neighborhood has risen around $400 in a handful of months.

Overall, the Upper West Side now has the 20th most expensive asking rent out of any neighborhood in New York City.

In reality, this ranking is a little lower given that some of the neighborhood groups in front of the UWS include "all downtown" and "all midtown".

For the first quarter of 2022, the Upper West Side was the 22nd highest among NYC nabes for median monthly asking rent.

At the top of the list, brokers for buildings along Central Park South and in Tribeca are asking for rent payments over $8,000.

You can check out the full StreetEasy report on its website.