The affordability crisis in New York City has hit a new record as rents in Manhattan and Brooklyn reportedly soared to an all-time high last month.<\/p>\n
The median rent in Manhattan rose to $5,000 a month in February and in Brooklyn it jumped to $4,296, according to the 2026 NYC Rental Market Report released by the Corcoran Group.<\/p>\n
“The rent is too damn high” is a legendary line from the 2010 New York governor’s race but it never gets old, because 16 years later, it’s still true.<\/p>\n
“More of my friends are looking into buying now, or owning, it’s just more affordable in some ways to have a lower mortgage monthly payment,” one Williamsburg resident said.<\/p>\n
The February 2026 New York City rental market report was released on Tuesday.<\/p>\n
“I certainly wouldn’t be able to afford it, the apartment that I’m in, it’s a two-bedroom apartment and with rent stabilization it’s one price, but the apartment above me is a regular market rate, you’re talking $5,000, how do people do it?” Dennis McDermot said.<\/p>\n
Jonathan Miller is an expert real estate appraiser in New York and Connecticut.<\/p>\n
“This is becoming this sort of, you know, a vicious cycle,” Miller said. “You know, affordability is being challenged not only by higher mortgage rates on the purchase market, but rising prices in the rental market.”<\/p>\n
Renters, according to the report, are flocking to Gowanus, Red Hook and Carroll Gardens in Brooklyn because of the construction boom of new rental buildings.<\/p>\n
The number of leases signed was up 203% from last year.<\/p>\n
“We had been in a walk up in Brooklyn for four years and rent wasn’t increasing so much, so we stayed there longer than we probably should have, and then we moved into a luxury building at the end of June 2025, which was a big jump up in rent for sure,” a Williamsburg renter said.<\/p>\n
The report indicates a decrease in rent in some Brooklyn hotspots. It is down double digits in South Williamsburg, Brooklyn Heights and Prospect Park South — but those numbers are deceiving.<\/p>\n
“Some neighborhoods, we see a small drop, but that’s not a function of softening rents, that’s really just what happens to be available that given month that was rented out,” Miller said.<\/p>\n
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