Apartments are filling up in Brooklyn.\u00a0<\/p>\n
Leasing momentum in Brooklyn\u2019s rental market increased 10 percent annually in September, as the borough notched its strongest September of apartment leasing activity since 2020 at 1,407 leases signed, according to data from<\/a> the Corcoran Group.\u00a0<\/p>\n SEE ALSO: Japanese Restaurant Udon Shin to Open First NYC Spot at 37 West 17th Street<\/a><\/p>\n Manhattan, on the other hand, had a somewhat shabby September. Apartment leasing activity in the borough declined 5 percent year-over-year to 3,841 leases signed, the data found. And renters are continuing to face a shortage in available Manhattan pads.<\/p>\n \u201cThe number of available apartments [in Manhattan] reached its lowest September level since 2019, while the vacancy rate held near 1.5 percent, highlighting just how challenging the market remains for renters,\u201d Gary Malin, chief operating officer at The Corcoran Group<\/a>, wrote in the report. \u201cWith demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.\u201d<\/p>\n Rents in both boroughs grew on a year-over-year basis, according to the Corcoran data. Brooklyn saw a 5 percent year-over-year rise in rent for September to an average of\u00a0 $4,300 per month, while Manhattan\u2019s average rent shot up 9 percent year-over-year to $5,395 per month.\u00a0<\/p>\n There were 3,428 active apartment listings in Brooklyn during September, a decline of 11 percent when compared to August 2026 and a drop of 25 percent year-over-year. In Manhattan, there were 5,015 active listings, down 2 percent from August and 16 percent from September 2025.<\/p>\n Brooklyn\u2019s uptick in leasing activity in September was driven by leasing for two-bedroom apartments, which saw 21 percent growth year-over-year to 434 leases \u2014 the highest September total since 2020 \u2014 and studio signings, which sat at 248 leases, representing the strongest September on record for that unit type, according to Corcoran.\u00a0<\/p>\n But supply continues to be an issue across the five boroughs, particularly in Manhattan. Manhattan\u2019s five-month run of a vacancy rate hovering around 1.5 percent is its longest stretch at such a low level since 2020, according to Corcoran.\u00a0<\/p>\n \u201cManhattan\u2019s rental market remains defined by a lack of available apartments,\u201d Malin wrote. \u201cThese conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough.\u201d<\/p>\n