Matrix Multifamily Manhattan Report-May 2024 May 16, 2024

Manhattan Regains Momentum

Manhattan rents picked back up after a seasonal slowdown, growing 0.4 percent on a T3 basis through March. Year-over-year, the New York City borough took the lead nationwide, with 5.2 percent growth. Development activity is up as well after sluggish performance in 2023, with first quarter starts doubling year-over-year.