NYC Residential Rental Market Report: February 2026
“Manhattan’s rental market has become more challenging than ever for home seekers. Median rents in the borough have officially hit $5,000 per month — a new all-time high. Meanwhile, inventory is at the tightest level we’ve seen in nearly four years. Demand has picked up across every product type, with available units being leased at the fastest pace in eight months, and vacancy remains anchored below 2%. This limited supply of available apartments has the potential to cause even higher rents as we move into spring.
Pricing in Brooklyn reached a new record as well, with a median rent of $4,296 per month. But it’s important to note that the number of active listings rose 6% year-over-year, giving renters slightly more choices across the borough. Days on market climbed 32% year‑over‑year, the equivalent of just over one more week, an increase driven by the higher inventory. A new height for pricing is never good news for tenants. However, when compared to Manhattan, Brooklyn apartment seekers had more options and additional time to make housing decisions.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $5,000 per month in February 2026 – up 1% from January and 6% annually. This is the first time on record that median rents have hit the $5K threshold. Except for median rent in doorman buildings, which at $5,260 was 2% lower than January’s peak of $5,295, all rent metrics reached new all-time highs.
- Average rents increased year‑over‑year across all unit types, and each set a new record high. Average rent for all apartment sizes except for three bedrooms increased 7% year-over-year. With a 23% rise to reach an average of $14,314 a month, the three-bedroom category skewed higher with robust rental activity along Central Park and in large-scale residences.
Listings/Vacancy
- In February 2026, there were 5,290 active listings across Manhattan, down 4% versus January and 26% year-over-year. February’s listing count also fell to the lowest level recorded in any month in nearly the past four years.
- Overall, the average Manhattan apartment took 55 days to find a tenant in February, down 4% month-over-month but up 8% annually. This year-over-year shift reflects the unusual dynamic of record‑high rents coinciding with inventory at a multi‑year low. Even with limited supply, the elevated price points have lengthened the time it takes for units to lease.
- The Manhattan vacancy rate was 1.73% in February, down from January when the rate was 1.93%. However, it was higher than the rate in February 2025, when it reached 1.66%. Apart from a single month (December 2025 when it hit 2.03%), visible vacancy has remained below 2% for the past 15 months.
Leasing Activity
- With 3,277 new leases reported signed in Manhattan, February 2026 activity declined 7% when compared to January but rose 13% annually. Both doorman and non‑doorman buildings posted double‑digit annual gains, rebounding from last year’s second-slowest February in eight years.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,296 per month in February 2026 — up 7.4% when compared to January, and a 7.5% rise year-over-year. Median rent in Brooklyn has now also reached an all-time high.
- Average rent rose annually across all unit types. Three bedrooms led the gains, up 20% to $7,621, tying the highest average price ever recorded. Average pricing for one-and two-bedroom units also reached new record highs.
Listings
- There were 3,609 active listings in Brooklyn during February 2026, 3% more when compared to January and a 6% increase year-over-year. The rise in inventory in the borough is one of the few supply increases in recent months.
- The average Brooklyn rental spent 62 days on the market in February. This is a 9% increase from January and a 32% rise on an annual basis. This marks the highest days on market figure since October 2023.
Leasing Activity
- At 1,166, the number of leases signed in Brooklyn during February 2026 was up 13% from January and 39% annually. This is the fifth consecutive month of annual gains and the highest number of signed leases for February since 2021.
- All unit types posted annual gains, led by strong one-bedroom demand, up 50% year-over-year. Three‑bedroom lease activity had the smallest increase at 13%, likely reflecting some sensitivity to February’s spike in rent – to reach that unit type’s record high.
