{"id":4359,"date":"2026-10-02T16:16:02","date_gmt":"2026-10-02T20:16:02","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=4359"},"modified":"2026-10-02T16:16:04","modified_gmt":"2026-10-02T20:16:04","slug":"nyc-rental-market-report-september-2026-a58499bc","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/nyc-rental-market-report-september-2026-a58499bc","title":{"rendered":"NYC rental market report: September 2026"},"content":{"rendered":"\n

Report snapshot<\/h2>\n\n\n\n
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$4,673<\/h3>\n\n\n\n

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

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0.79<\/h3>\n\n\n\n

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

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14.2%<\/h3>\n\n\n\n

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

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3.73<\/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<\/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<\/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<\/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 down 3.9% since September 2025<\/p>\n\n\n\n

The citywide median net rent in September 2026 listings was $4,673<\/strong> \u2014 down 3.6% from August 2026 and down 3.9% from September 2025.<\/p>\n\n\n\n

The Bronx had the highest increases at +17.5%<\/strong>, while Queens saw a decrease of -6.4%.<\/p>\n\n\n\n

\"What
What renters pay \u00b7 Year over year<\/strong> \u2014 Median net rent by borough, September 2025 vs September 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, August 2026 vs September 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

September concession rate reached 18.7% citywide; Queens topped the list at 31.9%.<\/p>\n\n\n\n

Citywide, 18.7% of September 2026 listings came with a concession<\/strong> \u2014 16.6% a month earlier, a +2.1pp move.<\/p>\n\n\n\n

Concessions were most common in Queens (31.9% of listings) and rarest in Manhattan (14.7%) \u2014 more than two times as many listings with concessions.<\/p>\n\n\n\n

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$450<\/h3>\n\n\n\n

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

The median concession among September 2026 units offering one \u2014 about $5,400 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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~2.0 mo<\/h3>\n\n\n\n

Free-rent equivalent \u00b7 The Bronx<\/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 September 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 11.8%<\/strong> of September 2026 listings advertised a concession, and where one appeared it was typically worth $292 a month. Outside Good Cause coverage, 26.1%<\/strong> came with a concession, at a typical $496 a month.<\/p>\n\n\n\n

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2.2\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 two times likelier to advertise a concession (26.1% vs 11.8%)<\/p>\n<\/div>\n\n\n\n

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70%<\/h3>\n\n\n\n

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

Concessions in buildings without Good Cause protection were 70% higher than those in protected buildings ($496 vs $292 a month)<\/p>\n<\/div>\n<\/div>\n\n\n\n

September 2026<\/th>Good Cause buildings<\/th>All other listings<\/th><\/tr><\/thead>
Listings with a concession<\/td>11.8%<\/td>26.1%<\/td><\/tr>
Typical concession, when offered<\/td>$292<\/td>$496<\/td><\/tr>
Median net rent<\/td>$4,593<\/td>$4,675<\/td><\/tr><\/tbody><\/table><\/figure>\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 3.86, The Bronx lowest at 2.45<\/p>\n\n\n\n

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

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3.73<\/h3>\n\n\n\n

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

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

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3.21<\/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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63.6%<\/h3>\n\n\n\n

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

About two in three September 2026 reviewers; 57.7% 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>3.86<\/strong><\/td>3.65<\/strong><\/td>3.66<\/strong><\/td>2.45<\/strong><\/td>3.13<\/strong><\/td><\/tr>
Owner responsiveness<\/td>3.46<\/td>2.97<\/td>3.13<\/td>1.78<\/td>3.16<\/td><\/tr>
Cleanliness<\/td>3.78<\/td>3.51<\/td>3.67<\/td>2.50<\/td>2.58<\/td><\/tr>
Garbage management<\/td>4.10<\/td>3.81<\/td>3.89<\/td>2.72<\/td>3.00<\/td><\/tr>
Heat<\/td>3.88<\/td>3.84<\/td>3.83<\/td>2.50<\/td>3.47<\/td><\/tr>
Neighbors<\/td>4.15<\/td>3.91<\/td>3.77<\/td>2.33<\/td>3.26<\/td><\/tr>
Noise levels<\/td>3.77<\/td>3.65<\/td>3.51<\/td>2.44<\/td>3.47<\/td><\/tr>
Pest control<\/td>3.63<\/td>3.53<\/td>3.62<\/td>2.17<\/td>2.68<\/td><\/tr>
Water pressure<\/td>4.10<\/td>4.02<\/td>3.84<\/td>3.17<\/td>3.42<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Rank<\/th>Neighborhood<\/th>Rating \u00b7 September 2026<\/th>Rating \u00b7 September 2025<\/th>Rank change<\/th><\/tr><\/thead>
1<\/td>Hell’s Kitchen<\/td>4.39<\/td>3.86<\/td>\u2191 9<\/td><\/tr>
2<\/td>Williamsburg<\/td>4.27<\/td>3.60<\/td>\u2191 16<\/td><\/tr>
3<\/td>Kips Bay<\/td>4.13<\/td>4.39<\/td>\u2193 2<\/td><\/tr>
5<\/td>Crown Heights<\/td>3.90<\/td>3.14<\/td>\u2191 25<\/td><\/tr>
6<\/td>Yorkville<\/td>3.86<\/td>3.59<\/td>\u2191 13<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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