NYC Rent Growth Monitor: June 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 May 2026.

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

Breakdown & Analysis

Rent growth across New York City strengthened in May, widening its lead over the national average. On a year-over-year basis, rents rose 4.4% across the NYC metro area, compared to 1.9% nationally. At the borough level, Manhattan led with 6.8% annual rent growth, followed by Brooklyn at 4.9% and the Bronx at 4.8%. Queens posted 4.3% growth, while Staten Island remained the weakest borough at 1.1%.

Short-term momentum accelerated across the city. On a month-over-month basis, rents increased 0.5% across the NYC metro area, compared to 0.2% nationally. The Bronx posted the strongest monthly gain at 1.0%, followed by Manhattan at 0.7%. Brooklyn, Queens, and Staten Island each rose 0.5%. On a three-month moving average basis, annualized rent growth in NYC stands at 4.4%, compared to 2.0% nationally.

Taken together, the data point to a market where NYC’s outperformance is becoming more broad-based. Manhattan remains the clear annual growth leader, consistent with the continued reassertion of the borough’s proximity premium. However, the Bronx has emerged as the strongest near-term momentum story, while Brooklyn and Queens also accelerated. Staten Island remains the clear laggard on an annual basis, though its return to positive monthly growth suggests that recent weakness may be starting to stabilize.