NEW REPORT: Beyond the Headlines: The Structural Case for New York City Multifamily Investments

New York City remains one of the nation’s strongest multifamily housing investment opportunities, according to a new report by Grubb Properties, supported by an enduring structural supply/demand imbalance that has driven steady investment outperformance over many years and spanning several political administrations.

Read the full report

New York City’s Mayor Zohran Mamdani has introduced a housing agenda focused on publicly led development and aggressive resident protections. 

But lost in the noisy debate about these proposals is that the structural case for investing in New York City multifamily housing remains intact. In a new report, we take a close look at the fundamental factors that underpin the case for investing in the asset class, and the data that show a compelling story:

• New York City has been a market leader in multifamily rent growth over multiple years and spanning many political administrations.
• Net operating income, the key driver of multifamily values and returns, is bolstered by the City’s high occupancy rate as well as its rent growth, which in 2025 far exceeded the national average. 
• City rents are expected to continue to rise because the supply deficit cannot correct quickly. The expiration of tax incentives in 2022, and lack of an appealing replacement program, place significant constraints on new deliverables and make it difficult for multifamily development to “pencil out.”
• On the demand side, the city remains the nation’s top destination for recent college graduates, creating a population of highly educated young professionals that sustain demand for rental housing. 
• History shows that limitations on mayoral power mean that New York City’s housing market has been shaped far more by structural forces than by political activity. 

We believe Grubb Properties has entered the New York City market at an opportune point, with two multifamily communities poised to benefit from the favorable structural factors.

Learn why we believe our proven understanding of construction, regulation and rent dynamics may position investors to capitalize on the multifamily investment opportunity in New York City.