Inhabit by Corcoran

“Manhattan’s rental market surged in April 2026, as a sharp rise in demand collided with increasingly constrained supply, pushing the borough’s median rent to a new all-time high of $5,099. Leasing activity reached its strongest April since 2021, while the vacancy rate fell to 1.55% — the lowest level in more than six years. These dynamics point to a market defined by heightened urgency and sustained competition among renters.

Brooklyn also saw a strong month, with leasing activity climbing to its busiest April since 2021, though conditions were less intense for renters. The median rent of $4,110 represented a pullback from February’s record high, helping to draw renters back into the market this spring. While inventory was slightly below April 2025 levels, it rose 16% month-over-month, offering tenants more options. At the same time, days on market increased year-over-year, suggesting a more deliberate and selective renter. Overall, Brooklyn remains active, but with signs of a more balanced market emerging.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In April 2026, there were 4,766 active listings across Manhattan, down 6% versus March. Listings also declined 25% year-over-year, marking a four-year low. This contraction reflects sustained leasing momentum, which has continued to suppress available supply.
• Overall, the average Manhattan apartment took 47 days to find a tenant in April, down 8% month-over-month but up 21% annually. Days on market climbed from last year’s low, likely reflecting tenant hesitation as median rent set a new record. The month-over-month decline in marketing time reflects typical seasonal demand.
• The Manhattan vacancy rate was 1.55% in April, down from March when the rate was 1.88%. It was also lower than the rate in April 2025, when it reached 1.87%. This marks the lowest vacancy rate in more than six years. Fewer listings and strong leasing activity left little time for units to sit idle.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,110 per month in April 2026. Median rent rose 3% year over year, marking the slowest annual growth rate since January and a 4% pullback from February’s record high of $4,296.
• Average rent rose across all unit types, with each setting a new April high. Three-bedrooms led gains, up 32% to $7,958, a new all‑time record fueled in part by high‑end condo rentals in premium neighborhoods. One- and two-bedrooms each climbed 7% to 8% annually, while studios rose a more modest 4%.

Listings

• There were 3,834 active listings in Brooklyn during April 2026, up 16% versus March but down 3% year-over-year. This is the second consecutive month of a 3% annual decline in inventory.
• The average Brooklyn rental spent 58 days on the market in April This is 18% climb from March and a substantial 49% spike on an annual basis. The borough’s apartment seekers took more time to commit amid continued elevated pricing.

Leasing Activity 

• At 1,472, the number of leases signed in Brooklyn during April 2026 was up 12% from March and 25% annually. This marked the eighth consecutive month of annual growth. Leasing activity also increased 12% from March, consistent with the typical seasonal pickup heading into spring.
• Leasing activity rose year‑over‑year across all unit types in April. Studios led the gains, surging 59% to 280 signed leases. At 19% of all signings, studios claimed their largest market share on record, driven in part by new rental developments delivering smaller units to market.

Read the full reports:

Manhattan  |  Brooklyn