Manhattan median rent rose to new high of $5,099 in April as listings tumbled 25 percent
- Manhattan renters signed leases at the highest April level since 2021, as per Corcoran
- Brooklyn median rent was $4,110, down from February’s all-time high of $4,296
“These conditions reflect a market where urgency has escalated and competition remains intense,” said Gary Malin of Corcoran.
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Manhattan renters who signed leases last month faced intense rental market conditions.
The borough’s median rent hit a new all-time high of $5,099 in April as the vacancy rate fell to 1.55 percent, the lowest seen in over six years, according to Corcoran, which released new rental market reports for Manhattan and Brooklyn.
“Manhattan’s rental market surged in April 2026, driven by a sharp rise in renter demand colliding with increasingly constrained supply,” said Gary Malin, COO at Corcoran. “These conditions clearly reflect a market where urgency has escalated and competition remains intense.”
Manhattan’s median rent for new leases was up 6 percent compared to April 2025. Listings were down 25 percent compared to the year ago quarter and yet leasing activity reached its highest level for the month of April since 2021, rising 12 percent year over year.
Overall, the average Manhattan apartment took 47 days to find a tenant in April, down 8 percent month-over-month but up 21 percent annually, as per the report. Days on market climbed from last year’s low, likely a reflection of renters grappling with new record rents and limited options.
Less extreme in Brooklyn
Brooklyn renters also signed new leases at an accelerated pace, making this the busiest April for leasing since 2021. However, conditions were less extreme for would-be renters, which helped draw them back into the market this spring, Malin said.
Median rent was $4,110 (in February it hit an all-time high of $4,296), up 3 percent compared to a year ago and down 1 percent from March. Listings were up 16 percent versus a year ago.
Days-on-market climbed significantly compared to a year ago as renters weighed their slim options.
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