According to a tentative assessment roll released by the Department of Finance, New York City’s one million-plus properties are expected to see a 5.7% increase in market value for the upcoming fiscal year beginning on July 1, 2026. This projection from Bloomberg News is significantly higher than the previous year’s increase of just 0.7%, which was influenced by aggressive rate hikes from the Federal Reserve.
The outlook is particularly positive for co-ops, condominiums and rental apartment buildings in NYC as their market values are projected to rise by an impressive 7.3%, according to Bloomberg’s report. The demand for these types of properties has been driven up due to limited inventory following the COVID-19 pandemic. In fact, between February 2020 and September 2024, there was a significant surge in rents with median rent prices for one-bedroom apartments increasing by as much as21% according to data from the city comptroller’s office.
Among all five boroughs in NYC, Brooklyn is expected lead with an estimated jump of9 .4%in market value comparedto last year.This growth can be attributed largelyto rising rental apartment values which have seen a remarkable15 %increaseinthe borough alone.
