Manhattan median rent rose for the 15th time in December
- Median rent in Manhattan climbed 8.9 percent to $4,720, the second-highest on record
- New signed leases in Brooklyn fell 18.9 percent annually as per the Elliman Report
Bidding wars accounted for roughly one in five new leases in Manhattan during the month of December.
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Stop me if you’ve heard this already more than a half dozen times: Manhattan median rent jumped by large amount year over year, climbing 8.9 percent in December to $4,720, the second-highest on record.
It was the 15th time Manhattan median rent showed a large annual gain, according to the December 2025 Elliman Report for Manhattan, Brooklyn, and Queens rental markets. Median rent was slightly down (0.6 percent) compared to November—not enough to make apartment hunters feel like they found a bargain.
For all the disruption caused by the winter holidays, including vacations and travel—December no longer appears to be a slow month for the Manhattan rental market, as Brick pointed out here, here, and here.
Listings fell compared to a year ago for the sixth time, dropping 16.2 percent, while the number of new leases was down slightly on an annual basis, a drop of 1.5 percent, as per the Elliman Report.
Bidding wars accounted for roughly one in five new leases in Manhattan during the month of December.
Brooklyn listings drop 17 percent
All metrics for tracking Brooklyn rents (such as average, median, net effective, per square foot) showed “robust” year-over-year growth last month. Median rent was up 10.2 percent to $3,850 compared to December 2024.
Brooklyn listings and lease signings continued to decline on an annual basis. Inventory was down 17.3 percent and new leases fell 18.9 percent over December 2024.
More than three out of 10 leases rented above asking, the report said.
Queens median rent up 10 percent
In the Northwest Queens region covered by the Elliman Report, median rent also continued to show large annual leaps—as did several other ways of measuring rent. In December, median rent increased 10.2 percent to $3,850.
Lease signings in Queens declined 7.3 percent annually in December while listings rose year over year by 4.5 percent. More than two out of 10 new leases were rented above asking.
A ‘turbulent year’ for renters
The Corcoran Group also released its Manhattan and Brooklyn rental reports for December.
It was a “turbulent year” for renters, the Manhattan report noted, because of record-breaking rents, tightening vacancy, and limited supply.
Gary Malin, COO at Corcoran, commented on the differences between the two rental markets.
Rents in Manhattan remain “historically elevated” as listings continued to decline, Malin said. Demand for doorman buildings, a proxy for the upper half of the market, saw the highest December activity in five years.
In Brooklyn, leasing activity was driven by demand for smaller, value-oriented units, he said.
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