NYC Rent Growth Monitor: September 2026

Subscribe

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 August 2026.

Main Takeaway: NYC rent growth continues to outpace the national trend, with the Bronx now leading both annual growth and recent momentum while Manhattan and Brooklyn remain firmly above the US average.

Breakdown & Analysis

Rent growth across New York City remained well ahead of the national average through August. On a year-over-year basis, rents rose 4.3% across the NYC metro area, compared to 2.7% nationally. At the borough level, the Bronx led with 5.9% annual rent growth, followed by Manhattan at 5.8% and Brooklyn at 4.8%. Queens posted 3.3% growth, while Staten Island remained the weakest borough at 1.6%.

Recent momentum also continues to favor New York City. On a three-month average annualized basis, rent growth across the NYC metro area measured 5.2%, compared to 4.1% nationally. The Bronx again stood out, with recent momentum running at an 8.2% annualized pace. Manhattan and Brooklyn also remained elevated at 5.7% and 5.1%, respectively. Staten Island’s annual rent growth remains comparatively soft, though its 2.9% recent momentum reading points to stabilization rather than continued weakening.

Taken together, the data point to a market where NYC’s rent-growth advantage remains tied to both resilient demand and constrained supply. Manhattan’s continued strength is consistent with the reassertion of a proximity premium as the city’s office market improves and high-density employment nodes regain importance. The Bronx’s leadership likely reflects a different dynamic: as rents in Manhattan and Brooklyn remain elevated, comparatively affordable boroughs are absorbing more demand, particularly in neighborhoods and unit types where supply is limited. That does not mean rent growth is uniform across the Bronx, but it does suggest that affordability spillover is becoming a more important part of the borough-level story.