{"id":4598,"date":"2026-11-03T12:34:57","date_gmt":"2026-11-03T17:34:57","guid":{"rendered":"https:\/\/blog.openigloo.com\/?p=4598"},"modified":"2026-11-03T12:34:58","modified_gmt":"2026-11-03T17:34:58","slug":"nyc-rental-market-report-october-2026-20c19f68","status":"publish","type":"post","link":"https:\/\/blog.openigloo.com\/nyc-rental-market-report-october-2026-20c19f68","title":{"rendered":"NYC rental market report: October 2026"},"content":{"rendered":"\n

Report snapshot<\/h2>\n\n\n\n
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$4,834<\/h3>\n\n\n\n

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

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0.80<\/h3>\n\n\n\n

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

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12.3%<\/h3>\n\n\n\n

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

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3.68<\/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 up 7.2% since October 2025<\/p>\n\n\n\n

The citywide median net rent in October 2026 listings was $4,834<\/strong> \u2014 up 3.2% from September 2026<\/a> and up 7.2% from October 2025.<\/p>\n\n\n\n

The Bronx saw the steepest increases at +31.0%<\/strong>, while Brooklyn saw the smallest at +5.2%.<\/p>\n\n\n\n

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

October concession rate reached 23.0% citywide; Queens topped the list at 40.2%.<\/p>\n\n\n\n

Citywide, 23.0% of October 2026 listings came with a concession<\/strong> \u2014 18.9% a month earlier, a +4.1pp move.<\/p>\n\n\n\n

Concessions were most common in Queens (40.2% of listings) and rarest in The Bronx (13.5%).<\/p>\n\n\n\n

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$487<\/h3>\n\n\n\n

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

The median concession among October 2026 units offering one \u2014 about $5,844 across an annual lease<\/p>\n<\/div>\n\n\n\n

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~1.1 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 October 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<\/a> look different when sorted by Good Cause coverage rather than by borough. In Good Cause buildings, just 11.0%<\/strong> of October 2026 listings advertised a concession, and where one appeared it was typically worth $351 a month. Outside Good Cause coverage, 29.9%<\/strong> of listings came with a concession.<\/p>\n\n\n\n

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2.7\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 (29.9% vs 11.0%)<\/p>\n<\/div>\n\n\n\n

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47%<\/h3>\n\n\n\n

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

Concessions in buildings without Good Cause protection were 47% higher than those in protected buildings ($517 vs $351 a month)<\/p>\n<\/div>\n<\/div>\n\n\n\n

October 2026<\/th>Good Cause buildings<\/th>All other listings<\/th><\/tr><\/thead>
Listings with a concession<\/td>11.0%<\/td>29.9%<\/td><\/tr>
Typical concession, when offered<\/td>$351<\/td>$517<\/td><\/tr>
Median net rent<\/td>$4,613<\/td>$4,921<\/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 2.83<\/p>\n\n\n\n

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

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3.68<\/h3>\n\n\n\n

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

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

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3.20<\/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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62.1%<\/h3>\n\n\n\n

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

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

Rank<\/th>Neighborhood<\/th>Rating \u00b7 October 2026<\/th>Rating \u00b7 October 2025<\/th>Rank change<\/th><\/tr><\/thead>
1<\/td>Financial District<\/td>4.50<\/td>3.97<\/td>\u2191 6<\/td><\/tr>
2<\/td>Downtown Brooklyn<\/td>4.12<\/td>4.30<\/td>\u2014<\/td><\/tr>
3<\/td>East Village<\/td>4.11<\/td>3.53<\/td>\u2191 13<\/td><\/tr>
4<\/td>Williamsburg<\/td>4.04<\/td>3.54<\/td>\u2191 10<\/td><\/tr>
5<\/td>Hell’s Kitchen<\/td>3.97<\/td>3.58<\/td>\u2191 8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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