Manhattan median rent reached $4,900 again last month amid intense competition
- Rental listings in Manhattan fell for the 15th time, lease signings dropped 15.3 percent
- Brooklyn median rent has remained near a $4,000 threshold since February
Low inventory in Brooklyn “continues to prop up pricing and create urgency among renters who are searching for new homes throughout the borough,” said Gary Malin of Corcoran.
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A decline in Manhattan rental listings last month led to a drop in lease signings and spurred an increase in median rent to the second-highest level on record.
The Real Deal Rental Report by appraiser Jonathan Miller found that Manhattan median rent increased 7.7 percent to $4,900 compared to September 2025, hitting the same plateau as August. Lease signings decreased by 15.3 percent year over year.
Median rent for Manhattan luxury units rose significantly more than the overall market, rising 18.1 percent to $16,591, Miller said. Luxury is considered the top 10 percent of the rental market.
Overall, listings were down annually for the 15th consecutive month, a drop of 22.7 percent from a year ago.
Despite higher rents, the number of days Manhattan rentals sit vacant is decreasing: Days on market in September was 20, down from 39.
Fewer new leases involved bidding wars in September; market share was 16 percent compared to 22.1 percent in September 2025.
Brooklyn median rent remains at $4,000
Brooklyn’s median rent is not budging: It has remained at or above a $4,000 threshold since February, Miller’s report said.
Median rent for luxury Brooklyn properties waws up 6.3 percent to $7,800.
Brooklyn listings fell year over year for the 11th, straight month, dropping 17.3 percent. New lease signings fell for 15th time, dipping 1.3 percent.
New lease signings were only slightly higher than the same time last year. Nearly a third of all new leases involved a bidding war 32.7 percent, just slightly higher than the same time last year.
Queens median rent rises 2.5 percent
The report also covers the northwest section of Queens: Long Island City, Astoria, Sunnyside, and Woodside and noted that all the ways to measure rent showed increases in September but did not achieve any records.
Median rent was $3,742, an annual increase of 2.5 percent. New lease signings fell for the seventh time fell, hurt by a decline in listings for the ninth, consecutive month.
Manhattan ‘defined by a lack of apartments’
“Manhattan’s rental market remains defined by a lack of available apartments,” said Gary Malin, chief operating officer at Corcoran, which released Manhattan and Brooklyn rental market reports.
The number of available apartments 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, according to Corcoran's report. With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough,” Malin said.
Brooklyn saw its strongest September for leasing in several years despite a drop in inventory, Malin noted. “These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough,” he said.
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