COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

This week’s Rental Housing Weekly Briefing examines slowing multifamily rent growth alongside moderating home price appreciation, highlighting a housing market moving through a period of low growth and gradual rebalancing.

NYC rent growth remained stronger than the national trend in March, with Manhattan leading annual gains and momentum showing increasing divergence across boroughs.

National rents rose 1.2% year-over-year in February, down from 1.4% in January and 1.6% in December, marking a continued slowdown from the modest re-acceleration observed in late 2024. While rent growth remains positive, the trend has clearly softened, reflecting ongoing supply pressures and a normalization in demand following the post-pandemic surge.