{"id":320240,"date":"2026-08-13T10:26:55","date_gmt":"2026-08-13T10:26:55","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/320240\/"},"modified":"2026-08-13T10:26:55","modified_gmt":"2026-08-13T10:26:55","slug":"wait-how-much-manhattan-and-brooklyn-rents-hit-record-highs","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/320240\/","title":{"rendered":"Wait, How Much? Manhattan and Brooklyn Rents Hit Record Highs"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Mayor <a href=\"https:\/\/www.thecityreporter.nyc\/category\/zohran-mamdani\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Zohran Mamdani<\/a> may have <a href=\"https:\/\/www.thecityreporter.nyc\/2026\/06\/25\/rent-freeze-vote-stabilized-housing-mamdani\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">capped rents<\/a> for tenants in stabilized apartments, but for the rest of the city, the cost of renting just keeps going up.<\/p>\n<p class=\"wp-block-paragraph\">Average, median and average per-square-foot rents rose to a record in Manhattan\u00a0in July, with the median rent reaching $5,000 for the first time, 6.4% higher than a year ago, according to a new data tracker from real estate expert Jonathan Miller and industry publication The Real Deal.<\/p>\n<p class=\"wp-block-paragraph\">All three metrics also hit records in Brooklyn, with <a href=\"https:\/\/www.thecityreporter.nyc\/tag\/rent\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">median rent<\/a> now at\u00a0$4,500, a whopping 17% higher than a year ago.<\/p>\n<p>Several Possible Factors<\/p>\n<p class=\"wp-block-paragraph\">Miller attributed the increase in part to rising mortgage rates, which have meant New Yorkers who would like to buy homes can\u2019t afford to and have remained in their rentals, diminishing the supply of available units.<\/p>\n<p class=\"wp-block-paragraph\">But the 2025 FARE Act, which <a href=\"https:\/\/www.thecityreporter.nyc\/2026\/06\/08\/broker-fee-landlord-violation-penalties\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">largely eliminated brokerage commissions paid by new tenants<\/a>, may be playing a role in declining available apartment inventory in both Manhattan and Brooklyn. Miller said he thinks landlords are holding units off the market while they try to figure out how to avoid paying the brokerage fee.<\/p>\n<p><img loading=\"lazy\" data-recalc-dims=\"1\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/08\/062724_residential_construction_1.jpg\" alt=\"New residential units go up along the Greenpoint waterfront.\" class=\"wp-image-48801\"  \/>New residential units go up along the Greenpoint waterfront, June 27, 2024. Credit: Ben Fractenberg\/THE CITY<\/p>\n<p class=\"wp-block-paragraph\">Only 6,000 new leases were signed in Manhattan in July, a 20% decline. In Brooklyn, the 3,000 new leases were down by almost a third.<\/p>\n<p class=\"wp-block-paragraph\">Other <a href=\"https:\/\/www.thecityreporter.nyc\/tag\/real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">real estate<\/a> experts have said landlords whose buildings include both stabilized and market-rate apartments would increase rents on the market-rate units to offset the rent freeze on regulated ones.<\/p>\n<p class=\"wp-block-paragraph\">Apartment rents tend to rise during the summer, when many New Yorkers move, and then level off in the fall. Miller said he isn\u2019t sure that will happen this year.<\/p>\n<p class=\"wp-block-paragraph\">\u201cI think that rents will continue to rise since mortgage rates are expected to rise, given the forces embedded in the economy, such as tariffs, the Iran War with its higher energy and transportation costs, and a new chair of the Federal Reserve\u201d who is signaling that interest rates may have to increase, Miller said.<\/p>\n<p>\n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"Mayor Zohran Mamdani may have capped rents for tenants in stabilized apartments, but for the rest of the&hellip;\n","protected":false},"author":2,"featured_media":320241,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[433,6712,2954,75,84,83,9,24,63,1491,564],"class_list":["post-320240","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-affordable-housing","tag-federal-government","tag-landlords","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-real-estate","tag-rent"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/320240","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=320240"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/320240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/320241"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=320240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=320240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=320240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}