“Manhattan’s rental market has become more challenging than ever for home seekers. Median rents in the borough have officially hit $5,000 per month — a new all-time high. Meanwhile, inventory is at the tightest level we’ve seen in nearly four years. Demand has picked up across every product type, with available units being leased at the fastest pace in eight months, and vacancy remains anchored below 2%. This limited supply of available apartments has the potential to cause even higher rents as we move into spring.
Pricing in Brooklyn reached a new record as well, with a median rent of $4,296 per month. But it’s important to note that the number of active listings rose 6% year-over-year, giving renters slightly more choices across the borough. Days on market climbed 32% year‑over‑year, the equivalent of just over one more week, an increase driven by the higher inventory. A new height for pricing is never good news for tenants. However, when compared to Manhattan, Brooklyn apartment seekers had more options and additional time to make housing decisions.”
– Gary Malin, Chief Operating Officer, The Corcoran Group