“In April, the median Manhattan rent again reached an all-time high of $4,800 per month, while the amount of inventory dropped on an annual basis for the eighth consecutive month. The borough’s vacancy rate has now remained below 2.00% for five consecutive months. This year-over-year decline in available apartments across the borough has caused those on the market to rent in 39 days on average, 11% faster than last April.

Over in Brooklyn, the median rent also continued to rise, ticking up 1% from last April to reach $3,995 per month – although it remains below the peak reached last summer. In contrast to Manhattan, inventory received a much-needed boost, increasing by 13% versus this time in 2024.

While conditions in both boroughs remain frustrating for would-be tenants, the data shows that conditions seem to be slightly less challenging for those looking in Brooklyn, most notably in regard to inventory. My consistent advice to renters is to keep an open mind when seeking a new home. There are opportunities around every corner in New York, and those who are willing to be flexible and realistic about their ‘wants’ versus ‘ needs’ are often rewarded.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In April 2025, there were 6,316 active listings across Manhattan, up 8% versus March but down 10% annually. Year-over-year Inventory declined for the eighth consecutive month, lowering this April’s inventory figure 7% below its historical average.
• The average Manhattan apartment took 39 days to find a tenant in April, compared to 48 in March – a 19% drop month-over-month and an 11% decline compared to April 2024. This was the shortest marketing time for an April in over seven years.
• The Manhattan vacancy rate was 1.87% in April, up from March when the rate was 1.74% – however it’s lower than the rate in April 2024, when it reached 2.02%. While visible vacancy ticked up slightly compared to March, it remained below 2.00% for the fifth consecutive month, the first such stretch since May 2022.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,995 per month in April 2025 – a minimal (less than 1%) decline when compared to March, but a 1% rise year-over-year. Median rent in the borough remains below its summer 2024 peak.
• Average rent trends were mixed across unit types, with one- and three-bedrooms rising in price year-over-year, while studios and two-bedrooms declined. Three-bedrooms saw the biggest annual gain, up 3% – to reach $6,048 per month.

Listings

• There were 3,941 active listings in Brooklyn during April 2025, a substantial 10% more when compared to March and a 13% boost year-over-year. The number of available units marked a five-year April high for the borough.
• The average Brooklyn rental spent 39 days on the market in April. This is 29% fewer days when compared to March and 5% fewer when looking year-over-year. This April’s average marketing time hit the fastest April pace since 2020.

Leasing Activity 

• At 1,180, the number of leases signed in Brooklyn during April 2025 fell 6% both from March and year-over-year. This marks the lowest April level since the start of the COVID-19 pandemic. April typically outperforms March, but this year marked the first time since 2020 that it did not, with renters pulling back despite seasonal expectations.
• Leasing activity fell annually for all apartment sizes. Three-bedrooms saw the steepest drop, down 12% to 113 leases – also the lowest April total for this unit type since 2020.

Read the full reports:

Manhattan  |  Brooklyn