COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

Recent national data continue to point toward gradual improvement. While on-time collections remain well below post-pandemic highs, the recent positive inflection — combined with improvement since late summer — supports a cautiously optimistic outlook.

Multifamily rent growth continued to moderate in November 2025, with national rent gains remaining positive in nominal terms but negative after adjusting for inflation. The latest Zillow Observed Rent Index (ZORI) data point to a rent environment that is materially cooler than the post-pandemic peak and running below long-run historical norms, even as nominal rents continue to edge higher.

Over the past decade, the share of homeowners who own their homes free and clear has risen sharply across the New York metropolitan area. This dynamic is most extreme in Manhattan (New York County), where roughly 50% of homeowners now own their homes without a mortgage.