NYC Rent Growth Monitor: July 2026

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The NYC Rent Growth Monitor is a monthly breakdown of rent growth performance and momentum across Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. Data are sourced from Zillow’s Observed Rent Index (ZORI) — a smoothed, seasonally adjusted measure that is subject to revision. The current release reflects data through June 2026.

Main Takeaway: NYC rent growth continued to outperform the US in June, but the borough-level picture shifted as Manhattan held its lead, the Bronx cooled, and Staten Island showed signs of stabilization.

Breakdown & Analysis

Rent growth across New York City remained well ahead of the national average in June. On a year-over-year basis, rents rose 4.5% across the NYC metro area, compared to 2.1% nationally. At the borough level, Manhattan led with 6.8% annual rent growth, followed by Brooklyn at 4.8% and the Bronx at 4.6%. Queens posted 4.4% growth, while Staten Island remained the weakest borough at 2.1%.

Short-term momentum became more mixed after May’s broad acceleration. On a month-over-month basis, rents increased 0.4% across the NYC metro area, compared to 0.3% nationally. Staten Island posted the strongest monthly gain at 0.6%, narrowly ahead of Manhattan, which also rose 0.6%. Queens increased 0.4%, while Brooklyn and the Bronx each rose 0.3%. On a three-month moving average basis, annualized rent growth in NYC stands at 5.2%, compared to 2.9% nationally.

Taken together, the data point to a market that continues to outperform the US overall, though borough-level momentum is no longer moving in lockstep. Manhattan remains the clear annual growth leader, consistent with the continued reassertion of the borough’s proximity premium. The Bronx, last month’s standout for near-term momentum, cooled in June but remains ahead of Queens on an annual basis. Staten Island is still the weakest borough by annual growth, though its monthly gain and positive three-month trend suggest that recent weakness may be stabilizing.