Year-on-year median rents across the U.S. largely plateaued in 2020, before taking off in 2021. New York City saw year-over-year median rents fall into negative territory in spring 2020 and summer 2021, before peaking at 25% in July 2022.
Median rents year-on-year at the national level plateaued for most of 2020 before taking off in 2021 and coming back down in July 2022. New York City's median year-on-year rents were negative in spring 2020 and summer 2021, but skyrocketed in summer 2022.