NYC Residential Rental Market Report: January 2026
“Despite the drop in temperatures and rise in pricing, Manhattan’s rental market began 2026 with increased activity. January leasing volume edged slightly above last year’s level, while the borough’s overall median rent hit $4,950 per month, a new January record. In addition, median pricing for luxury doorman product reached $5,295 per month, a new all-time high. These are all early signs that the typical winter slowdown is already behind us. Meanwhile, the number of available listings experienced another annual decline. This trend has persisted for the past eighteen months and illustrates the ongoing competitive environment for tenants.
Across the East River, Brooklyn’s rental market kicked off the year with its strongest January for signed leases since 2021. When compared to Manhattan, conditions were slightly more favorable for apartment seekers. At $4,000 per month, median rent in the borough was essentially flat, up just 0.1% annually. At the same time, the number of active listings ticked up 4% year-over-year, while days on market rose 14% over the same period. These increases gave tenants the ‘double advantage’ of more selection – and more time to choose.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,950 per month in January 2026 — up 3% from December and 9% annually. Despite it being only January, median rent is within 1% of the all-time record reached twice in 2025. Meanwhile, the median rent in doorman buildings rose 6% to reach a new all-time high of $5,295 per month.
- Average rents rose year-over-year across all unit types. Hitting an average of $5,137 per month, one-bedroom pricing is approaching a record high. The sharp 16% rise in three-bedroom rents — to reach an average of $13,208 per month — was driven by several high‑end leases along Billionaires’ Row and in Downtown penthouses.
Listings/Vacancy
- In January 2026, there were 5,496 active listings across Manhattan, down 3% versus December but less than 1% (0.5%) annually. Although listings continued their year‑over‑year decline, a trend that has persisted for the past eighteen months, the pace of that decline is slowing.
- Overall, the average Manhattan apartment took 57 days to find a tenant in January, up 10% month-over-month but down 2% annually. When compared to last year, rising rents and still‑limited inventory have created a sense of urgency for apartment seekers.
- The Manhattan vacancy rate was 1.93% in January, down from December when the rate was 2.03%. However, it was higher than the rate in January 2025, when it reached 1.75%. This modest year-over-year uptick is likely tied to the current near-record rents.
Leasing Activity
- With 3,509 new leases reported signed in Manhattan, January 2026 activity rose a substantial 23% when compared to December and 2% annually. The large month-over-month increase aligns with post-holiday seasonal patterns, while the year-over-year rise was measured against a slow January 2025.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,000 per month in January 2026 – down only minimally when compared to December, and up only slightly (0.1%) year-over-year. Median rent has been steady month‑to‑month for four months and remains below the July 2025 peak.
- Average rent increased year‐over‐year across all unit types in January, led by one-bedrooms, where rents rose 6% to $3,981. One-bedroom pricing is now just 2% below the record high of $4,054 set in July 2025.
Listings
- There were 3,508 active listings in Brooklyn during January 2026, 8% fewer when compared to December and a 4% 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 57 days on the market in January. This is a 24% increase from December and a 14% rise on an annual basis. This marks the highest days on market figure in more than two years.
Leasing Activity
- At 1,035, the number of leases signed in Brooklyn during January 2026 was up 9% from December and 13% annually. This marks the fourth consecutive month of annual gains. Leasing activity also rose month-over-month versus a strong December and was slightly below the typical double-digit increase seen in January.
- Most unit types posted annual gains in leasing activity, led by strong studio momentum, as the number of leases signed in this category spiked 66% to reach 206. In contrast, three-bedroom lease activity fell 21% annually to 89 leases – its lowest January level since 2019, likely a response to last month’s spike in average rent.
