New York City faces rising rents due to tariffs imposed by President Trump, particularly affecting the construction of new housing. The 25% tariffs on imported steel and aluminum inflate building costs, potentially causing developers to pause or halt projects. Manhattan and the Bronx, which saw the fastest growth rates in new multifamily homes, are especially vulnerable. Consequently, rents may continue to soar across all boroughs, with the median asking rent in NYC hitting $3,397, a 5.6% year-over-year increase.
By inflating building costs, these tariffs could deter builders from initiating new projects and compel developers to pause or scrap existing plans, says Realtor.com economist Jiayi Xu in the new New York City Rental Report.
Manhattan and the Bronx now stand to lose the most from the tariffs, which threaten to disrupt the construction of much-needed housing.
Collection
[
|
...
]