Manhattan’s overall average asking rent in June led all major multifamily markets at a fairly significant $5,651, according to a new report from Yardi Matrix. The high rent, coupled with limited construction activity and a 98.2% occupancy rate, pushed Manhattan’s trailing three-month rent growth to 1.5%.
Investment sales in Manhattan during the first half of the year totaled $582 million, with renter-by-necessity deals resulting in more single-asset sales through the first half of this year than during all of 2025. Yardi Matrix observed this resulted in a notable drop for per-unit prices, with the average at $270,864 compared to the $413,342 figure recorded last year.
A total of 18,805 multifamily units were under construction across Manhattan in June, with 44,000 units in either the planning or prospective stages. However, by the end of June only 636 units, or 0.2% of existing multifamily stock, had been delivered, which was below the 0.9% national figure.
Only four of Manhattan’s 19 submarkets recorded asking rent contractions on a year-over-year basis. Yardi Matrix predicted rents will end 2026 with 3.1% in growth if current market condition remained unchanged.
0 Comments