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NYC Rent Growth Monitor: May 2026
- Jonathan O'Kane
- 5 hours ago
- 2 min read
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 April 2026.
Main Takeaway: NYC rent growth remains well ahead of the national pace, with Manhattan pulling further ahead while momentum across the boroughs remains uneven.
Breakdown & Analysis
Rent growth across New York City remained well ahead of the national average in April. On a year-over-year basis, rents rose 4.1% across the NYC metro area, compared to 1.7% nationally. At the borough level, Manhattan led with 6.3% annual rent growth, followed by Brooklyn at 4.7% and Queens at 3.7%. The Bronx posted 3.2% growth, while Staten Island slowed sharply to 0.3%.
Short-term momentum also remained stronger in NYC than nationally, though performance continued to vary by borough. On a month-over-month basis, rents increased 0.3% across the NYC metro area, compared to 0.2% nationally. Manhattan posted the strongest monthly gain at 0.5%, followed by Queens at 0.3%, Brooklyn at 0.2%, and the Bronx at 0.2%. Staten Island declined 0.7%. On a three-month moving average basis, annualized rent growth in NYC stands at 3.2%, compared to 1.3% nationally.
Taken together, the data point to a market that continues to outperform the US overall, but not evenly across boroughs. Manhattan has reasserted itself as the clear annual growth leader, a trend consistent with the return of a stronger proximity premium as office-centered employment nodes and urban amenities regain importance. Brooklyn remains more resilient than most boroughs, while Queens and the Bronx are positive but more moderate. Staten Island remains the clear outlier, with recent declines likely reflecting both greater month-to-month volatility and a weaker demand profile relative to the city’s more centrally located boroughs.
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