“In February, Manhattan’s rental market experienced one of the lowest vacancy rates in three years – as it fell to 1.66%. This was a big contributing factor to the limited number of reported leases signed as well as the 5% annual gain in median rent. Although they remain below their all-time peak, rents in the borough have now reached a median of $4,730. High prices and a competitive market continue to prompt many tenants to renew their current leases and simply stay where they are.

Brooklyn’s rental market also experienced lower-than-usual February lease numbers, while the median rent remained at $3,995 – unchanged since January but up a slight 1% year-over-year. Meanwhile, available inventory experienced its first annual decline in nearly three years. This limits the current options for apartment-seekers.

Today’s conditions on both sides of the East River highlight the ongoing challenges for renters. While most can agree that the opportunities available in New York City are worth it, tenants should pack flexibility and fortitude when embarking on their search for a new home.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In February 2025, there were 7,116 active listings across Manhattan, up a substantial 29% versus January but down 8% year-over-year. There has been a big rebound from the 30-month low in inventory last month.
• The average Manhattan apartment took 51 days to find a tenant in February, compared to 58 in January – a 12% drop month-over-month and a 2% decline when compared to February 2024. Elevated prices have prompted renters to act quickly, reducing the marketing time for apartments.
• The Manhattan vacancy rate was 1.66% in February, down from January when the rate was 1.75%. Vacancy also fell when compared to the same time last year – as February 2024’s rate was 2.29%. The vacancy rate reached its lowest level in over three years, as renters opted to renew with rent increases rather than navigate the challenging market.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,995 in February 2025 – unchanged since January and a 1% rise year-over-year. Average rent ticked also ticked up by 1% compared to February 2024 but both figures remain below their respective peaks in June and May of last year.
• Year-over-year changes in average rent varied by unit type. Pricing for studios and one-bedrooms both expanded by 2% – to reach $3,240 and $3,877, respectively, while two and three-bedroom rents declined.

Listings

• There were 3,395 active listings available in Brooklyn during February 2025, a minimal 0.3% fewer when compared to January but 9% fewer year-over-year. This marks the first annual decline in 30 months.
• The average Brooklyn rental spent 47 days on the market in February. This is 6% fewer days when compared to January and 15% longer when looking year-over-year. Days on market increased annually in three of the past four months after a year of consecutive double-digit annual declines.

Leasing Activity 

• At 839, the number of leases signed in Brooklyn during February 2025 declined 9% from January and 14% annually. This marks the lowest February level in eight years. However, the decline was smaller than the usual percentage drop from January to February, following an exceptionally slow start to the year.
• Leasing activity increased annually only for studios, while one and two-bedroom leases declined, and three-bedroom leases remained level. The near-record high one-bedroom rent of $3,877 drove lease activity for this unit type down by a significant 27%, the steepest annual decline for the unit type since September 2022.

Read the full reports:

Manhattan  |  Brooklyn