Rental growth in NYC reached 22% y/y in Q1 2022, one of the fastest rates in the country. But we expect growth to cool rapidly from here and underperform other cities. The past surge in rents largely reflects a reversal of large falls in 2020, which helped attract households back into the city. But with rents now 7.5% above pre-pandemic levels and the employment outlook relatively weak, we expect asking rents to increase by a cumulative 7% from 2023-26 compared to a gain of around 10% in other major cities. In view of the wider interest, we are also sending this US Housing Update to clients of our US Commercial Property Service.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services