Manhattan rent sets another record at $5,395 as listings dwindle

Manhattan’s median rent for market-rate apartments reached a record $5,395 a month in September, 9 percent higher than a year earlier and 2 percent above August, according to the Corcoran Group’s September residential market report.

The average rent also hit a record, at $6,865. Every apartment size got more expensive over the year. Three-bedrooms rose the most, 15 percent, and two-bedrooms went up 10 percent. One-bedrooms rose the least, 6 percent, to $5,436, about $50 below their July high.

“With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough,” Gary Malin, Corcoran’s chief operating officer, wrote in the report.

Why Manhattan rents keep climbing

The main problem is supply. Manhattan had 5,015 apartments listed for rent in September, 16 percent fewer than a year before and 2 percent fewer than in August. That was the lowest September total since 2019 and continued two years of year-over-year declines. At 1.54 percent, vacancy edged up from 1.51 percent in August but stayed lower than the 1.56 percent of a year earlier. It was the fifth month in a row near 1.5 percent, the longest stretch at that level in almost six years.

Renters are also taking longer to decide. The average apartment took 48 days to lease, 12 percent longer than a year ago and 26 percent longer than in August. The report says record prices are leading tenants to weigh their options more carefully. Fewer leases were signed as well: 3,841 in September, a drop of 5 percent from a year earlier and 19 percent below the August count.

Brooklyn rents in September

Brooklyn eased a little. Its median rent dropped 2 percent from August’s record of $4,368 to $4,300, still 5 percent higher than a year earlier. The average rose 3 percent over the year to $4,946, about 3 percent below the June peak of $5,098. One-bedrooms averaged $4,218, up 5 percent. Studios rose 3 percent to $3,521 and two-bedrooms rose 3 percent to $5,708. Three-bedrooms, at $6,885, were the only size cheaper than in September 2025, down 1 percent.

Brooklyn listings fell to 3,428, down 25 percent from a year earlier and 11 percent from August. That was the borough’s lowest September inventory since 2022.