COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

NYC rent growth accelerated broadly in May, with Manhattan continuing to lead annual gains while stronger short-term momentum spread across all five boroughs.

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.