Marcus & Millichap publishes New York City Multifamily 2Q 2026 Market Report

Manhattan, NY Marcus & Millichap has published its New York City Multifamily 2Q 2026 Market Report.

 “New York continues to distinguish itself as one of the country’s most resilient multifamily markets. We’re seeing improving transaction activity alongside greater pricing clarity, creating an environment where buyers and sellers can engage with increased confidence. Those dynamics should continue to support investment activity as the market moves through 2026,” said John Horowitz, executive managing director and chief revenue officer, Northeast division.

 Key findings include:

• New York City is on pace for its lowest annual apartment delivery volume in a decade, reinforcing one of the nation’s tightest multifamily markets.

• Lease renewal rates have hovered near 70% in recent quarters, helping offset emerging renter demand headwinds associated with moderating population trends.

• Supply-constrained areas of the Bronx, Staten Island and southern Brooklyn maintained some of the city’s lowest vacancy rates, while newer development hubs experienced greater leasing competition.

• Transaction volume increased over the past year, with investors continuing to favor newer market-rate assets supported by stronger cash flow growth prospects.

• Pricing trends are improving transparency for investors. Higher average cap rates and stable pricing are contributing to improved price discovery for buyers and sellers across the market.

“Despite all the news surrounding New York City, particularly around rent stabilized housing, rents remain strong as a result of the city’s constrained housing supply and exceptionally high resident retention,” said Horowitz.