This project is an empirical analysis of the rental market in New York City in 2021 with the goal of answering the central question: "How affordable is rental housing in NYC?" I assembled a data set of households that rent apartments based on the 2021 New York Housing and Vacancy Survey and measured housing affordability using the rental expenditure shares. Using a hedonic regression that controls for differences in housing characteristics, I estimated housing prices for each borough. I then estimated price and income elasticities for different household types using the imputed price levels and a log-linear housing demand function. Finally, I analyzed the impact of rent regulation on housing affordability. I graphically represented rent burden levels for households, the relationship between housing share and income, and the racial difference in affordability.