New York, NY Multifamily Market Report Q3 2026
Rents Rise 3.6%; Staten Island Runs Tight at 1.6% Vacancy
Demand
New York City absorbed 3,837 units in Q3 2026, against 7,991 in the same quarter last year. Vacancy is 2.5%, 20 bps tighter than Q3 2025. Staten Island is both the tightest submarket at 1.6% vacancy and the rent growth leader at +5.2%. Trailing-12-month absorption of 19,489 units is down from 24,195 a year earlier. Rent of $3,329 is up 3.6% year over year and a record.
Supply
New York City recorded 2,537 units of completions in Q3 and 17,764 over the trailing twelve months (-33% versus the prior TTM period). Units under construction equal 2.2% of inventory, concentrated in Manhattan at 3.1% of its stock. Annual completions peaked at 25,522 units in 2025. Q3 deliveries were less than half of last year’s 8,846. The 27,369-unit pipeline equals about five and a half quarters of absorption at the trailing pace.
Investment Market
New York City recorded $9.3B in sales over the trailing twelve months, -7% against the prior TTM period; Q3 accounted for $1.96B. The high-water mark in this series is $18.2B in 2015.
New York City cap rates average 6.25%, up for 21 straight quarters. Pricing sits at $273k per unit. The cap rate is 170 bps above the Q4 2017 low of 4.55%.
Volume
- $9.3B TTM volume (-7% YoY)
- Q3 2026: $1962M
- Series peak $15.1B (2022)
Pricing
- Cap rate 6.25%
- Price per unit $273k
- Caps expanding 21 quarters running
