NYC Residential Rental Market Report: August 2026
“Manhattan’s rental market took a slight breather in August, with the median rent easing just 0.2% from July’s all-time high. But at $5,285, rents remain 7% above where they stood a year ago. The bigger story continues to be the critical lack of supply. Active listings fell to their lowest August level in eight years, while the vacancy rate dropped to just 1.51%, its lowest point since 2019. With so few apartments available, renters remain locked in an intensely competitive environment where available inventory commands premium pricing.
Brooklyn faced many of the same challenges, with inventory remaining exceptionally tight. Active listings declined a substantial 20% year-over-year, limiting options for apartment seekers and contributing to a 7% drop in signed leases. With limited availabilities, pricing continued to climb, and pushed Brooklyn’s median rent to a new record of $4,368, surpassing the previous high set just two months ago. Renters are increasingly competing for a shrinking pool of available homes.
The rental supply crunch is no longer a borough-specific story. From Manhattan to Brooklyn, renters are facing at or near-record rents and historically limited choices. Until inventory meaningfully improves, affordability challenges and fierce competition are likely to remain defining features of New York City’s rental landscape. When apartments are scarce, records seem made to be broken.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $5,285 per month in August 2026 – down a slight 0.2% vs. July. This marked the first monthly decline in eight months and provided some relief from July’s record high. Meanwhile, median rent rose 7% year-over-year, extending the streak of annual gains to 24 consecutive months.
- All unit types posted increases in average rent, but studios led the market with an 11% year-over-year rise, reaching a new record high of $4,186. Pricing for the average studio now matches what one-bedrooms commanded in early 2022.
Listings/Vacancy
- In August 2026, there were 5,107 active listings across Manhattan, down 2% vs. July and 17% year-over-year. Available inventory fell to its lowest August level in at least eight years, underscoring the severe supply constraints that have been a primary driver of sustained rent growth.
- Overall, the average Manhattan apartment took 38 days to find a tenant in August, up 15% month-over-month and 9% annually. Sustained near or record-high rents appear to be encouraging greater caution.
- The Manhattan vacancy rate was 1.51% in August, a slight decline from July when the rate was 1.56%. It was also lower than the rate in August 2025, when it reached 1.84%. Limited inventory continues to leave renters with few alternatives, creating an increasingly challenging market.
Leasing Activity
- With 4,769 new leases reported signed in Manhattan, August 2026 activity fell 8% when compared to July and 2% vs. last year. This marks the slowest August since 2020. Limited inventory and low vacancy continued to strain available supply, which is preventing higher levels of leasing.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,368 per month in August 2026, a 3% climb from July and 5% year-over-year. Brooklyn rents have reached a new all-time high, surpassing the previous record of $4,350 set in June.
- In August, the average rent for a Brooklyn one-bedroom apartment reached an all-time high of $4,357, an 8% annual gain that outpaced ever other unit type. Studio rents rose 5% year-over-year to $3,491 and two-bedrooms gained 7% to $5,753. Three-bedroom rent was unchanged from last August at $7,205.
Listings
- There were 3,851 active listings in Brooklyn during August 2026, down 14% versus July and 20% year-over-year. This was the lowest August inventory level since 2022.
- The average Brooklyn rental spent 47 days on the market in August. This was down 38% from July and 18% on an annual basis. Marketing times averaged seven days longer than a year earlier, lifted by more long-sitting apartments finally leasing.
Leasing Activity
- At 1,363, the number of leases signed in Brooklyn during August 2026 rose 3% from July but fell 7% annually. This was the lowest August total since we began tracking this metric in 2019. The month-over-month rise is in line with the usual late-summer pattern.
- Leasing held steady for the smallest apartments but fell sharply for the largest. Studio lease signings were level vs. a year ago while leasing for one- and two-bedrooms declined 1% and 8%, respectively. The drop was steepest for three-bedroom homes, where leasing was down 31% when compared to last August.
