NYC Residential Rental Market Report: December 2025
“December marked a seasonal pause in Manhattan, not a shift in fundamentals. Rents remain historically elevated – up 7% YOY – and inventory has now declined for sixteen consecutive months, keeping vacancy just above 2%, one of the lowest December reports in recent years. Leasing slowed as expected, but demand remains firmly intact, particularly in doorman buildings, which posted their strongest December activity in five years.
In Brooklyn, the story is one of sustained momentum. Rents eased slightly month-to-month but stayed higher than last year, while leasing activity surged to its strongest December since 2020, driven by demand for smaller, value-oriented units. Across both boroughs, tight supply, fast-moving listings, and resilient renter demand point to a market recalibrating seasonally after a year of relentless price pressure.
Taken together, Manhattan continues to reflect the effects of sustained supply constraints, while Brooklyn is accommodating demand more efficiently – underscoring two distinct market dynamics within an overall tight rental landscape.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,800 per month in December 2025 – down 4% from November and up 7% annually. This marks the sixth consecutive month of annual gains above 5% since the FARE Act.
- Non-doorman buildings saw the sharpest increase, with median rents up 14% annually, the third straight month of double-digit growth. The only reprieve for renters was a 4% monthly decline, though this is a typical winter dip.
Listings/Vacancy
- In December 2025, there were 5,680 active listings across Manhattan, down 5% versus November. Active listings declined for the sixteenth consecutive month, reinforcing persistent supply constraints despite some new development entering the market.
- December inventory fell 2% YOY, the smallest contraction in this extended decline, but availability remains historically muted.
- Vacancy edged just above 2%, rising modestly as expected at year-end, yet still ranked as the second-lowest December vacancy rate since 2021.
Leasing Activity
- December recorded 2,844 leases signed, the lowest December total in four years, reflecting seasonal deceleration rather than a pullback in renter demand.
- Leasing declines were concentrated in non-doorman buildings, where activity fell 12% year-over-year. In contrast, doorman buildings outperformed, with leasing activity rising 5% year-over-year to a five-year December high.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,001 per month in December 2025 – down 2% when compared to November, but a 4% rise YOY. Median rent increased slightly versus a year ago, leaving some breathing room for renters and helping to bolster lease activity.
- Average rent increased 4% annually across most unit types in December, led by studios and one bedrooms. Studio signings climbed to one of their highest December shares in recent years, highlighting demand for smaller, value focused units.
Listings
- There were 3,800 active listings in Brooklyn during December 2025, 5% fewer when compared to November and a 9% increase YOY. This is the second largest annual increase in the past 14 months.
- The average Brooklyn rental spent 46 days on the market in December. This is a 6% decrease from November and a 2% decrease YOY.
Leasing Activity
- At 946, the number of leases signed in Brooklyn during December 2025 was down 16% from November, but up 16% annually. This is the highest December total since 2020.
- Leasing activity has now posted annual gains for four consecutive months, a streak not seen in more than four years.
