According to a recent report on the residential real estate market, Sam Ishagov, founder of West Edge Real Estate Development, revealed that family apartments are undergoing a clear crisis.
Data from his company showed that rents for three-bedroom apartments rose by 7% during the first quarter of 2026 compared to the previous quarter. Using a heat map to distribute rental trends across neighborhoods, popular family-friendly areas such as Park Slope, the Upper East Side, and the Upper West Side experienced sharp increases.
In Park Slope, for example, the average rent for three-bedroom apartments reached $3,600, and on certain streets, it went up to $9,000 per month, marking an increase of nearly 40%. Meanwhile, in Manhattan’s Upper East Side and Lincoln Square, average monthly rents exceeded $12,500 and $14,750, respectively, with increases surpassing 70% in some cases.
Ishagov explained that social and economic changes have led to smaller family units and increased demand for smaller apartments. Even wealthier families are tending to reduce their household sizes, which adds further pressure to the city’s family apartment market.
