Manhattan Multifamily Report – May 2026
Asking rents are showing outsized growth.
Although Manhattan fundamentals softened at the end of 2025, performance in the first quarter of 2026 points to another relatively solid year. Advertised asking rents were up 0.6 percent, on a trailing three-month basis through March, to an average of $5,479, far outpacing the national average. Year-over-year, both Manhattan and NYC overall continued to lead the 30 markets tracked by Yardi Matrix, with rent growth of 4.5 percent and 4.2 percent, respectively. Following two years of solid supply expansion, the borough’s average occupancy in stabilized assets clocked in at a solid 98.2 percent as of February.
NYC employment growth stood at 1.2 percent through December, double the U.S. average. However, the figure marked a slowdown, with the rate declining 70 basis points throughout 2025. Unemployment clocked in at 5.2 percent in February, according to preliminary data from the Bureau of Labor Statistics. Job growth was almost wholly attributable to a single sector, as NYC added 29,200 net positions in 2025. Education and health services gained 81,300 jobs, while five sectors lost a combined 54,600 positions.
Manhattan’s supply momentum remains significant, with 16,559 units under construction as of March, alongside an additional 44,000 apartments in the planning and permitting stages. Conversions continue to play a pivotal role, comprising a significant share of the pipeline.
