“In March, Manhattan’s rental market remained incredibly inventory constrained. With just 5,049 units for lease, availability reached the lowest level in four years. Meanwhile, the borough’s median rent remained plateaued at an even $5,000 per month — again, a record high. Despite the contraction of new listings, the vacancy rate ticked up slightly versus February and year‑over‑year, as some sticker shocked renters allowed what was on offer to accumulate. At 3,906, the number of signed leases rose 5% year-over-year from last year’s five-year low. However, activity remained about 9% below the historical March average.
Meanwhile, Brooklyn experienced the strongest month for leasing since 2021. Hitting $4,150, the borough’s median rent rose 4% annually but declined 3% from February’s all-time high. As in Manhattan, inventory became increasingly constrained, as active listings fell 8% from both the previous month and last year. As a result, apartments in the borough leased faster – with 11% fewer days on market when compared to March 2025 and 21% fewer than February – as the steady demand caused available homes to lease quickly. People still find relative ‘value’ in Brooklyn, but conditions are becoming increasingly competitive.
Across the city, ‘inventory’ is the key word – and the lack thereof continues to challenge apartment seekers. This factor will likely apply upward pressure to pricing as we move into the summer busy season.”
– Gary Malin, Chief Operating Officer, The Corcoran Group