Overview

• The national median asking rent climbed 1.7% year-over-year in July to $1,790, the strongest increase since January 2023.
• New York City’s overall median asking rent rose 3.7% in the second quarter to $3,491, marking a sustained rebound in rental prices.
• Manhattan’s median rent hit $4,700 in July, up 9.3% from a year earlier, and 28.9% of listings triggered bidding wars, a record high.
• New apartment permits and production have fallen more than 23% since the 2020–2023 boom, while national multifamily vacancy rates tightened to 4.1% in Q2.
• New York City renters face acute cost burdens, with median rents consuming about 55% of household income citywide and 81.6% in the Bronx.