Kips Bay renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Kips Bay is about $2,454 per month. This puts it in the 92nd percentile compared to the city average cost of rent, which is $1,994. Households in Kips Bay have a median income of $9,857 per month so the average renter in Kips Bay is spending roughly 25% of their earnings on housing.
Nationally, and in Kips Bay, home values are the data point most closely correlated with the cost of rent. The median price of a home in Kips Bay is $812,230 right now, which is lower than nearby neighborhoods, meaning that rents in Kips Bay also tend to be lower versus these nearby neighborhoods.
Higher rent prices are common in the northern parts of Kips Bay while lower rent rates are often available in southern areas.
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