![\"Placeholder\"\/](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2025\/10\/placeholder.png\")
<\/p>\nNew York City renters\u00a0have never paid more for their housing \u2014 and their options on where to live are\u00a0dropping.<\/p>\n
<\/p>\n
\n Bisnow\/Ciara Long\n <\/p>\n
Median rents hit $5,295 in Manhattan in June, a 3% jump from May and 8% higher than the same time last year, according to a report from brokerage The Corcoran Group.\u00a0<\/p>\n
\u201cAcross the board, quality apartments are commanding a premium, and renters have little room to negotiate,\u201d The Corcoran Group<\/a> Chief Operating Officer Gary Malin said in a statement.<\/p>\n The vacancy rate for apartments in the borough fell from nearly 1.9% to less than 1.5% over the past year. The borough had 16% fewer listings than last June, its lowest availability at this point in the year\u00a0since 2023.\u00a0<\/p>\n Amid the run-up in rents and decline in options, renters may be trying to stay put amid the price growth. Leasing activity was also down by 7% compared to the prior year, while apartments’ time sitting on the market dropped by 29%.<\/p>\n Those dynamics mean renters are unlikely to find relief anytime soon, \u201ccausing competition to remain fierce,\u201d Malin said.<\/p>\n A similar dynamic played out across the East River<\/a>. Median Brooklyn rents grew 8% year-over-year in June to $4,350, a new record, and landlords signed new tenants 30% faster than a year earlier.\u00a0<\/p>\n \u201cUrgency is high, and well-priced listings are disappearing almost as quickly as they hit the market,\u201d Malin said.\u00a0<\/p>\n The record-high rents for free-market apartments stand in stark contrast to the city’s regulated market. Tenants in the city’s 1 million rent-stabilized units will have their rents frozen on one- and two-year leases<\/a>\u00a0following the Rent Guidelines Board’s vote last month.<\/p>\n Developers are responding to the surge in rents by flooding the city with applications to develop new housing. Permits were filed for nearly 17,000 rental units in the first quarter, 251% above the quarterly average going back to 2008,\u00a0according to a report by the\u00a0Real Estate Board of New York<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"New York City renters\u00a0have never paid more for their housing \u2014 and their options on where to live…\n","protected":false},"author":2,"featured_media":295797,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,69781,7166,9,24,63,15570,69780],"class_list":["post-295796","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-gary-malin","tag-manhattan-apartments","tag-new-york","tag-new-york-city","tag-nyc","tag-nyc-rents","tag-the-corcoran-group"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/295796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=295796"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/295796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/295797"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=295796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=295796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=295796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}