“In Manhattan, the median rent remained stable in December – resting at $4,500 per month, 4% below its all-time high in July. Falling to 1.84%, the borough’s vacancy rate continued to tick down, as did the number of available listings. In fact, there were 31% fewer available apartments on the market this December versus a year ago. This decline in inventory is largely due to tenants who’ve chosen to stay put in their current homes for a host of reasons that include cost savings and stability. However, it’s important to note that the number of signed new leases was steady, rising slightly (0.4%) when compared to last year.

In contrast, Brooklyn’s rental market during December was relatively bustling – despite the distracting holiday season. The borough’s median rent climbed on both a monthly and annual basis to $3,983, while the number of available units rose 2% from last year to reach a four-year December high. This facilitated a substantial increase in leasing activity as the number of signed new leases rose 13% year-over-year.

With plenty of options for apartment-seekers, including a significant number of new developments in neighborhoods like Downtown Brooklyn, the borough of Brooklyn outperformed in December. While Manhattan will always have a unique appeal as the ‘heart’ of our city, it is interesting to witness the continued rise of the outer boroughs as primary destinations in their own right. Increasingly, they are the first choice for new residents from around the country and the world.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In December 2024, there were 5,807 active listings across Manhattan, down 12% versus November and 31% year-over-year. With more renters opting to renew their leases for a host of reasons that include cost savings and stability, the number of availabilities has dropped to its lowest level in over two years.
• The average Manhattan apartment took 60 days to find a tenant in December, compared to 48 in November – a 25% climb month-over-month and a 9% rise when compared to December 2023. While this monthly increase is typical for the winter season, it is significantly more dramatic than in previous years.
• The Manhattan vacancy rate was 1.84% in December, down from November when the rate was 2.07%. Vacancy also fell when compared to the same time last year – as December 2023’s rate was 2.40%. This figure has declined annually in nine of the last ten months.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,983 in December 2024 – up 3% vs. the$3,855 per month in November and a 7% rise year-over-year. While this figure is still down 7% when compared to the pricing peak in May, it is unusual for rents to rise in the wintertime.
• The average rent for three-bedroom units decreased 9% year-over-year – to $5,666 – boosting leasing activity for that unit type. Meanwhile, average rents for studios, one- and two-bedroom units all increased on an annual basis.

Listings

• There were 3,486 active listings available in Brooklyn during December 2024, 12% fewer when compared to November but up 2% year-over-year. Although the annual inventory rise was slight, it was still enough to reach a four-year December high. This provided potential renters with more options, facilitating the increase in leasing activity.
• The average Brooklyn rental spent 47 days on the market in December. This is 12% slower when compared to November but 10% faster (five days) when compared to last year

Leasing Activity 

• At 814, the number of leases signed in Brooklyn during December 2024 fell 12% from November but rose 13% annually. This marks a four-year high for December.
• Reported signed leases increased annually for all unit types. Activity for three-bedrooms increased most significantly, up 46%.

Read the full reports:

Manhattan  |  Brooklyn