{"id":368003,"date":"2026-10-08T17:14:11","date_gmt":"2026-10-08T17:14:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/368003\/"},"modified":"2026-10-08T17:14:11","modified_gmt":"2026-10-08T17:14:11","slug":"manhattan-rent-hits-record-6865-as-brooklyn-leasing-surges","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/368003\/","title":{"rendered":"Manhattan rent hits record $6,865 as Brooklyn leasing surges"},"content":{"rendered":"

New York\u2019s rental market<\/a> isn\u2019t cooling down with the weather.<\/p>\n

Manhattan\u2019s average monthly rent<\/a> hit a new record of $6,865 in September, while Brooklyn logged its strongest September<\/a> leasing activity since 2020, according to Corcoran\u2019s latest rental reports.<\/p>\n

The median rent in Manhattan also reached an all-time high of $5,395 \u2014 up 2% from August and 9% from a year earlier \u2014 as available apartments dwindled.<\/p>\n

Manhattan\u2019s average monthly rent hit a record $6,865 in September. Christopher Sadowski for NY Post<\/p>\n

The borough had 5,015 active rental listings, down 16% annually and the fewest for any September since 2019. Inventory has now declined year-over-year for two straight years.<\/p>\n

\u201cManhattan\u2019s rental market remains defined by a lack of available apartments,\u201d Gary Malin, chief operating officer of the Corcoran Group, said in a statement.<\/p>\n

\u201cWith demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.\u201d<\/p>\n

Larger apartments saw some of the steepest increases. Average rents for two- and three-bedroom units posted double-digit annual gains, with two-bedrooms reaching a record of nearly $8,500 a month.<\/p>\n

Available Manhattan rentals fell 16% from a year earlier. Tierney \u2013 stock.adobe.com<\/p>\n

Even one-bedrooms, which recorded the smallest annual increase at 6%, averaged $5,436 \u2014 just $50 below their July peak.<\/p>\n

Manhattan\u2019s vacancy rate stood at 1.54%, marking a fifth consecutive month around 1.5% \u2014 the longest stretch at that level in nearly six years.<\/p>\n

But the squeeze isn\u2019t translating into more signed leases. Manhattan recorded 3,841 new leases in September, down 19% from August and 5% from a year earlier. Corcoran attributed the slowdown to scarce inventory and record rents discouraging tenants from moving.<\/p>\n

Apartments also took longer to find tenants, averaging 48 days on the market, up 12% annually, as renters spent more time weighing their options.<\/p>\n

Across the East River, Brooklyn\u2019s rental market bucked the usual seasonal slowdown.<\/p>\n

Brooklyn logged its strongest September leasing activity since 2020. goodmanphoto \u2013 stock.adobe.com<\/p>\n

The borough recorded 1,407 signed leases, up 10% annually and 3% from August. Since Corcoran began tracking the market in 2019, September leasing had fallen from August every year, by an average of 24%.<\/p>\n

Two-bedrooms drove the increase, with 434 leases signed \u2014 up 21% from a year earlier. Studio signings were essentially flat at 248, but still marked the strongest September on record for that apartment type.<\/p>\n

Brooklyn\u2019s median rent eased to $4,300 from August\u2019s record $4,368, though it remained 5% above its year-earlier level. Average rent rose 3% annually to $4,946.<\/p>\n

The modest monthly dip came alongside a sharp decline in available apartments. Brooklyn had 3,428 active listings, down 25% from a year earlier and 11% from August, marking its lowest September inventory since 2022.<\/p>\n

Brooklyn\u2019s median rent reached $4,300, up 5% annually. Alena \u2013 stock.adobe.com<\/p>\n

\u201cThese conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough,\u201d Malin said.<\/p>\n

Brooklyn one-bedrooms averaged $4,218 a month, while studios cost $3,521 and two-bedrooms reached $5,708. Three-bedrooms were the only category cheaper than a year earlier, slipping 1% to $6,885.<\/p>\n

Despite stronger leasing activity, Brooklyn apartments spent an average of 53 days on the market \u2014 13 days longer than a year earlier \u2014 reflecting more listings that lingered before securing tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"New York\u2019s rental market isn\u2019t cooling down with the weather. Manhattan\u2019s average monthly rent hit a new record…\n","protected":false},"author":2,"featured_media":368004,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[6675,6722,98,75,84,83,1722,9,24,63,1491,564,4753,3006,11322],"class_list":["post-368003","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-analysis","tag-apartments","tag-brooklyn","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-markets","tag-new-york","tag-new-york-city","tag-nyc","tag-real-estate","tag-rent","tag-rentals","tag-residential-real-estate","tag-study-says"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/368003","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=368003"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/368003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/368004"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=368003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=368003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=368003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}