Inhabit by Corcoran

“In July, the New York City rental market continued to break records and challenge expectations. In Manhattan, the median rent reached an all-time high of $4,995 – a 2% rise from June and a 7% climb year-over-year. Non-doorman buildings saw the largest price increases with a 9% annual jump, underscoring a strong demand for relatively more affordable housing options. Meanwhile in Brooklyn, the median rent rose to $4,213 – a 5% increase from both last month and last year, also marking a new record for the borough.

Across both boroughs, inventory remained tight and apartments leased quickly, with average days on market falling 33% and 36% versus June in Manhattan and Brooklyn, respectively. The recent FARE Act has already influenced landlord’s pricing and marketing strategies, while adding a new layer of complexity to an already fast-moving market – especially when you factor in that significant numbers of apartments are available but are not being publicly advertised.Today’s renters are facing a landscape where speed, flexibility, and informed decision-making are more critical than ever.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In July 2025, there were 6,695 active listings across Manhattan, up 7% versus June but down 21% annually. This marks the lowest July inventory level in four years. The year-over-year decline was likely due to the introduction of the FARE Act in June of this year. As a result, many landlords have removed listings to reassess their pricing strategies.
• The average Manhattan apartment took 34 days to find a tenant in July, down 33% from June and a 6% decline compared to July 2024. Although average days on market typically increases from June to July, this year’s 33% fall marked the fastest July marketing time in over seven years.
• The Manhattan vacancy rate was 1.95% in July, up slightly from June when the rate was 1.87%, but lower than the rate in July 2024, when it reached 2.18%. Vacancy in the borough has declined on an annual basis in 16 of the past 17 months.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,213 per month in July 2025 – a 5% climb when compared to both June and year-over-year. Median rent rebounded after an unusual decline in June and has now reached a new all-time record for the borough.
• Average rent increased year-over-year across all bedroom types, pushing each to a new record. Three-bedroom units saw the largest annual increase, rising 18% to reach an average of $7,151 per month.

Listings

• There were 4,916 active listings in Brooklyn during July 2025, 9% more when compared to June but a 3% decline year-over-year. This annual drop, coupled with June’s 5% year-over-year decrease, marks the first consecutive monthly YOY declines since 2022 and is likely correlated with June’s FARE Act.
• The average Brooklyn rental spent 34 days on the market in July. This is down 36% when compared to June but 6% more days when looking year-over-year.

Leasing Activity 

• At 1,305, the number of leases signed in Brooklyn during July 2025 fell 15% from June and 11% year-over-year to reach the lowest July total since 2022. The decline was unusual, as July typically outperforms June, but this year’s dip in activity is likely due to higher pricing encouraging renters to renew existing leases.
• Reported leases declined across all unit types except studios. Two bedrooms saw the steepest drop, down 17% year-over-year and 20% below the July average. In contrast, studios captured their highest July market share in seven years, climbing 3% as renters sought better value amid rising rents.

Read the full reports:

Manhattan  |  Brooklyn