Long Island's household incomes are climbing faster than apartment rents

The multifamily market on Long Island, New York, has seen demand and new construction surge since the second half of 2023. From the third quarter of 2023 to the third quarter of 2025, the area averaged about 360 units of absorption per quarter, significantly above the quarterly average for the preceding five years of 215 absorbed units. Construction reached an all-time high of almost 1,900 units in 2023 before tapering off in 2024 and 2025.