Manhattan Multifamily Report – May 2025
The borough even topped its neighbors across the East River.
Manhattan ended the first quarter with solid growth across almost all fundamentals. Average advertised asking rents were up 0.6 percent on a trailing three-month basis through March, to $5,116, well above the 0.1 percent national rate. Manhattan also surpassed both Queens (0.4 percent) and Brooklyn (0.5 percent). Year-over-year, rents in New York City were up 5.5 percent overall, ranking first among the top 30 metros tracked by Yardi Matrix. Slower supply growth boosted occupancy, which saw a 20-basis-point uptick, to 98.1 percent as of February.
New York City employment growth stood at 2.0 percent as of January and was double the national figure. Meanwhile, unemployment clocked in at 4.4 percent as of February, according to preliminary data from the Bureau of Labor Statistics. The market added a total of 150,050 net jobs over 12 months. Education and health services far outpaced other sectors, adding 99,200 positions, followed by government (15,600) and professional and business services (14,800). Construction was the only sector to shed jobs, down
7,400 net positions.
Developers completed 1,915 units in Manhattan last year, which was 0.6 percent of existing stock. Volume significantly lagged the 3.5 percent national figure and continued a slowdown that started in 2021. Meanwhile, the borough had 12,126 units under construction as of March, as well as an additional 39,000 units in the planning and permitting stages.
