{"id":4239,"date":"2026-09-02T22:56:05","date_gmt":"2026-09-03T02:56:05","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=4239"},"modified":"2026-09-03T12:31:40","modified_gmt":"2026-09-03T16:31:40","slug":"nyc-rental-market-report-august-2026","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/nyc-rental-market-report-august-2026\/","title":{"rendered":"NYC rental market report: August 2026"},"content":{"rendered":"\n

Report snapshot<\/h2>\n\n\n\n
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$4,858<\/h3>\n\n\n\n

Median net rent \u00b7 Citywide<\/strong><\/p>\n<\/div>\n\n\n\n

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0.78<\/h3>\n\n\n\n

Open violations per unit \u00b7 Citywide<\/strong><\/p>\n<\/div>\n\n\n\n

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12.9%<\/h3>\n\n\n\n

Renewals above Good Cause threshold<\/strong><\/p>\n<\/div>\n\n\n\n

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3.72<\/h3>\n\n\n\n

Tenant rating \u00b7 Citywide<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n

<\/div>\n\n\n\n

Three terms, used throughout<\/h2>\n\n\n\n
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Gross rent<\/strong><\/p>\n\n\n\n

The advertised asking rent, before any concession is applied.<\/p>\n<\/div>\n\n\n\n

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Concession<\/strong><\/p>\n\n\n\n

A discount on the gross rent, usually granted as “free months.”<\/p>\n<\/div>\n\n\n\n

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Net-effective rent<\/strong><\/p>\n\n\n\n

The monthly rent after applying the concession over the full term of the lease.<\/p>\n<\/div>\n<\/div>\n\n\n\n

Every rent figure in this report is net-effective<\/strong>.<\/p>\n\n\n\n

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Search NYC apartments<\/a><\/div>\n<\/div>\n\n\n\n
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Market landscape \u00b7 What renters pay<\/h2>\n\n\n\n

Citywide median net rent up 2.3% since August 2025<\/p>\n\n\n\n

The citywide median net rent for August 2026 listings was $4,858<\/strong> \u2014 flat against July 2026 and up 2.3% from August 2025.<\/p>\n\n\n\n

Queens led the year at +12.9%<\/strong>.<\/p>\n\n\n\n

\"What
What renters pay \u00b7 Year over year<\/strong> \u2014 Median net rent by borough, August 2025 vs August 2026, with the year-over-year change<\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n
\"What
What renters pay \u00b7 Month over month<\/strong> \u2014 Median net rent by borough, July 2026 vs August 2026, with the month-over-month change<\/figcaption><\/figure>\n\n\n\n

Median net-effective rents (after advertised concessions) across studio\u20133BR listings.<\/p>\n\n\n\n

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Concessions<\/h2>\n\n\n\n

August concession rate reached 16.6% citywide; Brooklyn topped the list at 31.5%.<\/p>\n\n\n\n

Citywide, 16.6% of August 2026 listings came with a concession<\/strong> \u2014 9.7% a month earlier, a +6.9pp move.<\/p>\n\n\n\n

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$482<\/h3>\n\n\n\n

Typical concession \u00b7 Monthly<\/strong><\/p>\n\n\n\n

The median concession among August 2026 units \u2014 about $5,784 across an annual lease<\/p>\n<\/div>\n\n\n\n

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~1.0 mo<\/h3>\n\n\n\n

Free-rent equivalent \u00b7 Citywide<\/strong><\/p>\n\n\n\n

What the typical concession is worth in free rent on a 12-month lease<\/p>\n<\/div>\n\n\n\n

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~1.7 mo<\/h3>\n\n\n\n

Free-rent equivalent \u00b7 Brooklyn<\/strong><\/p>\n\n\n\n

The largest concessions of any borough<\/p>\n<\/div>\n<\/div>\n\n\n\n

\"Where
Where concessions are offered<\/strong> \u2014 Percent of August 2026 listings with a net-effective rent below the gross ask, by borough<\/figcaption><\/figure>\n\n\n\n
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Good Cause buildings<\/h2>\n\n\n\n

The same listings look different when sorted by Good Cause coverage rather than by borough. In Good Cause buildings, just 8.3%<\/strong> of August 2026 listings advertised a concession vs. 28.7%<\/strong> for non-Good Cause buildings.<\/p>\n\n\n\n

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3.5\u00d7<\/h3>\n\n\n\n

Likelier to carry a concession<\/strong><\/p>\n\n\n\n

Listings in buildings without Good Cause protection were about three times likelier to advertise a concession (28.7% vs 8.3%)<\/p>\n<\/div>\n\n\n\n

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91%<\/h3>\n\n\n\n

Higher, when offered<\/strong><\/p>\n\n\n\n

Concessions in buildings without Good Cause protection were 91% higher than those in protected buildings ($452 vs $237 a month)<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Search apartments in Good Cause buildings<\/a><\/div>\n<\/div>\n\n\n\n
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Renter sentiment<\/h2>\n\n\n\n

Manhattan rated highest at 3.84, The Bronx lowest at 3.21<\/p>\n\n\n\n

Owner responsiveness ranks last in 4 of 5 boroughs<\/p>\n\n\n\n

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3.72<\/h3>\n\n\n\n

Overall rating \u00b7 Citywide<\/strong><\/p>\n\n\n\n

Average across eight rated categories, from August 2026’s published renter reviews<\/p>\n<\/div>\n\n\n\n

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3.25<\/h3>\n\n\n\n

Owner responsiveness<\/strong><\/p>\n\n\n\n

Renters’ lowest-scoring category citywide<\/p>\n<\/div>\n\n\n\n

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65.2%<\/h3>\n\n\n\n

Would recommend their building<\/strong><\/p>\n\n\n\n

About two in three August 2026 reviewers approve of their landlord<\/p>\n<\/div>\n<\/div>\n\n\n\n

<\/th>Manhattan<\/th>Brooklyn<\/th>Queens<\/th>The Bronx<\/th>Staten Island<\/th><\/tr><\/thead>
Overall<\/strong><\/td>3.84<\/strong><\/td>3.59<\/strong><\/td>3.64<\/strong><\/td>3.21<\/strong><\/td>3.24<\/strong><\/td><\/tr>
Owner responsiveness<\/td>3.47<\/td>2.99<\/td>3.22<\/td>2.67<\/td>3.45<\/td><\/tr>
Cleanliness<\/td>3.74<\/td>3.41<\/td>3.50<\/td>3.00<\/td>2.70<\/td><\/tr>
Garbage management<\/td>4.02<\/td>3.72<\/td>3.76<\/td>3.57<\/td>3.15<\/td><\/tr>
Heat<\/td>3.80<\/td>3.74<\/td>3.81<\/td>3.57<\/td>3.70<\/td><\/tr>
Neighbors<\/td>4.15<\/td>3.93<\/td>3.80<\/td>2.86<\/td>3.15<\/td><\/tr>
Noise levels<\/td>3.80<\/td>3.55<\/td>3.62<\/td>3.24<\/td>3.45<\/td><\/tr>
Pest control<\/td>3.67<\/td>3.45<\/td>3.49<\/td>3.00<\/td>2.80<\/td><\/tr>
Water pressure<\/td>4.06<\/td>3.96<\/td>3.94<\/td>3.81<\/td>3.55<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Rank<\/th>Neighborhood<\/th>Rating \u00b7 August 2026<\/th>Rating \u00b7 August 2025<\/th>Rank change<\/th><\/tr><\/thead>
1<\/td>Financial District<\/td>4.45<\/td>4.10<\/td>\u2191 3<\/td><\/tr>
2<\/td>Gramercy Park<\/td>4.26<\/td>3.18<\/td>\u2191 30<\/td><\/tr>
3<\/td>Chelsea<\/td>4.24<\/td>3.62<\/td>\u2191 14<\/td><\/tr>
4<\/td>Downtown Brooklyn<\/td>4.13<\/td>4.15<\/td>\u2193 1<\/td><\/tr>
5<\/td>Hell’s Kitchen<\/td>4.10<\/td>3.81<\/td>\u2191 6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Overall rating from August reviewers, and each neighborhood’s standing a year earlier.<\/p>\n\n\n\n