Inhabit by Corcoran

“Manhattan’s rental market remains defined by a lack of available apartments. In September, the median rent climbed to a new record of $5,395, as leasing activity dipped 5% year-over-year to 3,841 signed leases. The number of available apartments reached its lowest September level since 2019, while the vacancy rate held near 1.5%, highlighting just how challenging the market remains for renters. With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.

Brooklyn saw strong momentum in September, with 1,407 leases signed, up 10% year-over-year and marking the borough’s strongest September for leasing in several years. While the median rent eased slightly from August’s record, it remained elevated at $4,300, which is 5% higher than a year ago. At the same time, available inventory fell 25% year-over-year, reflecting the ongoing supply shortage. These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In September 2026, there were 5,015 active listings across Manhattan, down 2% vs. August and 16% year-over-year. This extends a two-year streak of annual declines and marks the lowest September for rental listings since 2019..
• Overall, the average Manhattan apartment took 48 days to find a tenant in September, up 26% month-over-month and 12% annually. Record-high rents led many apartment seekers to take more time evaluating their options. Non-doorman listings saw the largest annual shift, spending approximately 10 additional days on the market compared to last year.
• The Manhattan vacancy rate was 1.54% in September, a slight rise from August when the rate was 1.51%. However, it was lower than the rate in September 2025, when it reached 1.56%. September ’26 marks a five-month stretch with vacancy rates around 1.5%, the longest run at such a low level in nearly six years.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,300 per month in September 2026, a 2% decline from August’s all-time high of $4,368 but a 5% rise year-over-year. Meanwhile, average rent increased 3% year-over-year to $4,946 and was about 3% below its June peak of $5,098.
• This September, one-bedroom average rent rose 5% year-over-year to $4,218, 3% below the record it set in August. Studio rent gained 3% to $3,521 and two-bedrooms 3% to $5,708, within 1% and 2% of the records set in June and May. Three-bedroom rent slipped 1% from last September to $6,885, the only unit type below year-ago levels.

Listings

• There were 3,428 active listings in Brooklyn during September 2026, down 11% versus August and 25% year-over-year. This was the lowest September inventory level since 2022.
• The average Brooklyn rental spent 53 days on the market in September. This was up 13% from August and 33% on an annual basis. The average marketing time was 13 days longer than last year, lifted by an increase in apartments that spent extended periods on the market before leasing.

Leasing Activity 

• At 1,407, the number of leases signed in Brooklyn during September 2026 rose 3% from August and 10% annually. This was strongest September total since 2020. This is also counter to typical seasonal patterns, as September leasing has declined from August in every year since tracking began in 2019, by an average of 24%.
• Two bedrooms led leasing growth, up 21% year-over-year to 434 leases, the highest September total since 2020. Studio signings were essentially unchanged at 248, which was still the strongest September on record for the unit type. One bedroom leasing rose 10% annually, while three bedrooms were the only unit type to decline.

Read the full reports:

Manhattan  |  Brooklyn