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.

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%.

NYC rent growth remained well ahead of the national pace in April, with Manhattan pulling further ahead while borough-level momentum stayed uneven.

Housing insecurity levels in NYC exceed the national average, while racial disparities are wider.