COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

National multifamily rent growth rose to 1.2% in May 2026 as monthly momentum and market breadth improved. While rent growth remains subdued nationally, several Midwest, Northeast, and coastal markets continue to outperform, highlighting the increasingly localized nature of apartment market conditions.

This week’s Rental Housing Weekly Briefing examines the May CPI report’s impact on the interest rate outlook alongside Federal Reserve Z.1 data showing continued growth in multifamily mortgage debt.

Rent growth has been broadly felt across New York City since 2020, but five ZIP codes stand out. Led by Brooklyn and Bronx neighborhoods, each saw asking rents rise by more than 50%.