“Manhattan’s rental market remains defined by a lack of available apartments. In September, the median rent climbed to a new record of $5,395, as leasing activity dipped 5% year-over-year to 3,841 signed leases. The number of available apartments reached its lowest September level since 2019, while the vacancy rate held near 1.5%, highlighting just how challenging the market remains for renters. With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.
Brooklyn saw strong momentum in September, with 1,407 leases signed, up 10% year-over-year and marking the borough’s strongest September for leasing in several years. While the median rent eased slightly from August’s record, it remained elevated at $4,300, which is 5% higher than a year ago. At the same time, available inventory fell 25% year-over-year, reflecting the ongoing supply shortage. These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough.”
– Gary Malin, Chief Operating Officer, The Corcoran Group