Inhabit by Corcoran

“Manhattan’s rental market cooled slightly in August, with leasing activity falling both month-over-month and year-over-year to its lowest August level in five years. Yet, even amid slower activity, demand remained resilient enough to keep rents elevated. The median rent reached $4,960 – just 1% below July’s record high and still up 13% compared to last year. Inventory remains tight, with August marking the twelfth consecutive month of annual declines, highlighting the borough’s persistent supply challenges.

In contrast, Brooklyn sustained its momentum in August. Leasing activity rose 12% from July and held steady year-over-year, signaling continued interest from tenants. The borough’s median rent climbed annually to $4,175, reflecting ongoing long-term growth, even as most pricing indicators also hovered just below July’s peak levels. With inventory shrinking for the third straight month, renters in Brooklyn are also facing a competitive landscape with fewer available options.

Across both boroughs, limited supply and elevated rents continue to define the market. For apartment seekers, preparation, flexibility, and local expertise are more essential than ever.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In August 2025, there were 6,176 active listings across Manhattan, down 8% versus July and 29% annually. This marks the lowest August level in four years. This decline was likely driven by the introduction of The FARE Act in June, which led to the continued removal of many listings from the market. The monthly decline was unusual, as inventory has increased from July to August in most years.
• The average Manhattan apartment took 35 days to find a tenant in August, up 3% both month-over-month and year-over-year. In the longer term, marketing time has continued to trend downward, with leases now being signed in less than half the average number of days compared to August 2023.
• The Manhattan vacancy rate was 1.84% in August, down from July when the rate was 1.95%. It was also lower than the rate in August 2024, when it reached 2.54%. This marks the lowest August level for visible vacancy since 2019.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,175 per month in August 2025 – a 4% increase compared to last year at this time, but a 2% decline from July. Median rent has increased on an annual basis in all but three months since 2022.
• Average rent increased year-over-year across all bedroom types, except studios. Three-bedroom units saw the largest annual increase, rising 13% – to reach an average of $7,212 per month.

Listings

• There were 4,801 active listings in Brooklyn during August 2025, 2% fewer when compared to July and a 3% decline year-over-year. Inventory declined annually for the third consecutive month.
• The average Brooklyn rental spent 40 days on the market in August. This is up 5% compared to last year, and 18% higher than in July. Marketing time increased across all unit types except studios, as the lower rents helped with leasing speed.

Leasing Activity 

• At 1,464, the number of leases signed in Brooklyn during August 2025 was up 12% from July but down a slight 1% annually. This trend is typical as August lease activity usually outperforms July.
• Reported lease trends were mixed, with activity for studios and three-bedroom units increasing 9% and 5% respectively, while one and two-bedrooms declined. Studios captured their highest August market share in seven years as renters took advantage of a slight decline in studio rent.

Read the full reports:

Manhattan  |  Brooklyn