Jonathan O'Kane

April’s rent collection data show real improvement, but the recovery remains uneven beneath the surface. Among independently operated rental units, the on-time payment rate rose to 84.5% in April, up from 83.3% in March and now 223 bps above the September 2025 low. That marks the sixth increase in the past seven months. But the story is more nuanced than the topline alone. On-time collections remain 119 bps below April 2025 levels, extending a 33-month streak of annual declines. At the same time, the forecast full-payment rate rose to 97.2%, the strongest since May 2025, suggesting more missed payments are ultimately being cured rather than remaining unpaid. Late payments, however, remain elevated. For independent landlords, that means collection performance is improving, but renter financial strain has not fully abated. Read the full @chandanomics-@RentRedi report here: chandan.com/post/independent…

Apartment prices are stabilizing.
Rent collections are improving. That combination matters. Prices rose 0.45% MoM in February, with YoY growth turning positive for the first time since early 2023. At the same time, on-time rent payments increased to 83.9%—the fifth gain in six months. We’re moving from repricing toward recovery—but not all the way there. Full breakdown: chandan.com/post/rental-hous…

#Multifamily rent growth is slowing — and now stagnating in the short term. • YoY: +1.2% (down from 1.6% in Dec)
• Monthly (annualized): just 0.2% Rents are still rising, but momentum has essentially flatlined. Full breakdown + metro rankings: chandan.com/post/multifamily…

New York Fed survey data suggest workers are becoming more cautious about the labor market. Wage growth expectations have returned to pre-pandemic norms, perceived job loss risk has risen, and expected voluntary job mobility has fallen to the lowest level in the survey’s history.

Utilities are taking a smaller share of multifamily rent. Using American Community Survey microdata, tenant-paid utilities accounted for roughly 11–12% of multifamily rent in the mid-2000s. Today, that share is closer to 9%. Cheaper energy, strong rent growth in the 2010s, and more efficient buildings all helped push the ratio down. Read the @chandanomics analysis here: chandan.com/post/utility-cos…

Manhattan is currently the weakest housing market in NYC. Neighborhood home values (YoY through Jan 2026): Manhattan: –0.3% median Brooklyn: +3.6% Queens: +4.0% Bronx: +4.2% With mortgage rates still elevated, demand is shifting toward more attainable boroughs. Full @chandanomics breakdown: chandan.com/post/outer-borou…

Over the past two decades, the #NYC rental market hasn’t just grown — it has aged. Nearly all net growth in rental households has come from renters over the age of 35 (+24.4%), while the number of under-35 #renters has barely changed (+0.9%). Analysis: chandan.com/post/the-greying…

May 15th, 2026 is a date I’m not looking forward to.