Key facts
- The median asking rent in New York City was $3,616 in Q1.
- Young professionals are considering convents as a housing option.
- High rental costs are a challenge for those on starting salaries.
The New York rental market saw its median asking rent climb to $3,616 in the first quarter of this year. This surge in rental costs is prompting some young professionals, particularly those on starting salaries, to seek out alternative and unconventional living arrangements. Options such as convents are being considered as a way to manage the high cost of housing in the city.