“In Manhattan, the median rent experienced its first annual decline in three years, falling slightly to $4,400 per month. Unexpectedly, rents also ticked down from July, which has promoted strong leasing activity. Additionally, the market share of ‘non-doorman’ leases soared to its largest share since October 2021, illustrating the current price-sensitivity of today’s apartment seekers.

The same overall trends can be found in Brooklyn. The borough’s rental market also experienced an uptick in leasing activity, marking the strongest August for new signed leases since 2021. Though median rent increased year-over-year, the figure has fallen monthly during three of the past five months — to reach $3,995.

Even small adjustments in asking rents by owners seem to have a big impact in terms of demand — as August was remarkably busy. While many tenants still likely experience a sense of ‘sticker shock’ with current New York rents, the good news is that last month brought them some relief, albeit slight.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

• The median Manhattan rent was $4,400 per month in August 2024 vs. $4,670 per month in July. Median rent fell 6% from July and 2% year-over-year. This marks the largest monthly decrease since November 2020 and the first annual decline in three years.
• Average rent decreased year-over-year for all apartment sizes. Pricing for studios decreased most significantly, down 5% versus last year. August 2024 also experienced the highest number of studio leases signed in over three years — perhaps spurred by these lower rents.

Listings/Vacancy

• In August 2024, there were 8,426 active listings across Manhattan, nearly level with July but up a modest 1% year-over-year. Inventory was at the highest level (for the month of August) since 2020.
• The average Manhattan apartment took 34 days to find a tenant in August, compared to 36 in July – a 6% decrease month-over-month and a 58% drop when compared to August 2023. Lower rents may have caused apartment seekers to hurry to commit to new leases.

• The Manhattan vacancy rate was 2.54% in August, up from July when the rate was 2.18%. Vacancy also rose when compared to the same time last year – as August 2023’s rate was 2.50%.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,995 in August 2024 — down minimally vs. the $4,000 per month in July. However, rents rose 3% year-over-year. Median rent in the borough has fallen month-over-month since May but has risen annually for 35 consecutive months.
• Average rent rose year-over-year across all bedroom types in August. Two-bedroom and three-bedroom units saw the largest annual gain, up 9% compared to last year. Studio apartments experienced the smallest increase, up 2%, though they reached a new record for average rent — at $3,324 per month.

Listings

• There were 4,951 active listings available in Brooklyn during August 2024, 3% fewer when compared to July but up 26% year-over-year. Inventory has reached the second-highest level in three years partly due to new rental introductions/building launches.
• The average Brooklyn rental spent 38 days on the market in August. This is 19% more days versus July but 27% fewer when compared to last year. This marks the sharpest annual August-to-August decline in five years.

Leasing Activity 

• At 1,483 the number of leases signed in Brooklyn during August 2024 rose 1% from July and 4% annually. This was the strongest August for lease activity since 2021.
• Leasing activity increased annually for all unit types except three-bedrooms. One-bedrooms saw the largest increase, up 6% compared to last year, while two-bedroom units and studios followed closely behind, expanding by 5% and 4% respectively.

Read the full reports:

Manhattan  |  Brooklyn