NYC Residential Rental Market Report: July 2026
“Manhattan median rents remain plateaued versus June at a record high of $5,295 per month, while they climbed 6% when compared to last July. Meanwhile, the number of signed leases rose 3% annually, while inventory dropped a substantial 22% over the same period. This increased demand for apartments in the borough, coupled with reduced supply, has created a pressure cooker. Too many would-be tenants are seeking a shrinking number of available apartments. The city desperately needs to unlock or build more rental housing.
While still an intense environment for renters, conditions in Brooklyn were slightly more moderate. At $4,257 per month, the median rent declined 2.1% from June – but was still a slight 1% higher annually. Inventory fell 8.6% when compared to July 2025 while leasing rose 1%, meaning Brooklyn tenants also had fewer choices and more competition versus the same time last year.
Renters in both boroughs are feeling the squeeze more than ever. New York’s unmatched appeal continues to attract people looking to put down roots, but years of policies that have discouraged investment by owners and developers have helped push rents and competition to new extremes.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent remained plateaued at a record $5,295 per month in July 2026 – unchanged from June. Pricing in these most recent months ticked up 3% versus the previous high in May of $5,125. Median rent was also up 6% annually.
- Overall average rent also hit a new all-time high of $6,655. Studios and one-bedrooms reached pricing records in July, at $4,088 and $5,486 respectively. Two-bedroom and three-bedroom average rents also continued to climb versus a year ago, posting annual gains of 13% and 12%, although average rents for both remain below their peaks.
Listings/Vacancy
- In July 2026, there were 5,198 active listings across Manhattan, down a slight 1% versus June and a substantial 22% year-over-year. This was the sixth consecutive month of double-digit annual percentage declines and the lowest July total since tracking began in 2019.
- Overall, the average Manhattan apartment took 33 days to find a tenant in July, down 8.3% month-over-month and 3% annually. Scarce available inventory continues to shorten marketing times.
- The Manhattan vacancy rate was 1.56% in July, a slight rise from June when the rate was 1.49%. However, it was higher than the rate in July 2025, when it reached 1.95%. Three out of every 200 Manhattan apartments were available for rent at the end of the month, the lowest July level since 2019.
Leasing Activity
- With 5,167 new leases reported signed in Manhattan, July 2026 activity ticked up 10% when compared to June and 3% above last year’s level. This is consistent with the historical seasonal peak. The annual gain was driven by doorman buildings, where leases increased 8% to 3,531. At the same time, leasing at non-doorman buildings declined 8% year-over-year to 1,636 leases due to low inventory.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,257 per month in July 2026. Pricing declined 2.1% from June but rose 1% year-over-year. Despite the month-over-month decline, July’s median rent was the highest figure recorded for any July – surpassing the previous peak of $4,213 set last year.
- The overall average rent in the borough was $4,964 – a 3% decline from June but essentially unchanged year-over-year. Studio and one-bedroom average rents are holding at near peaks. July’s averages of $3,545 and $4,302 sat just below the records set in June and May, rising 3% and 6% year-over-year. Larger apartments have cooled from their spring highs, with two-bedroom rent up 2% annually to $5,547 and three-bedroom rent unchanged from last July at $7,161.
Listings
- There were 4,492 active listings in Brooklyn during July 2026, up a minimal 0.4% versus June but down 8.6% year-over-year. Renters had fewer choices than they did last July.
- The average Brooklyn rental spent 34 days on the market in July. This was down 8.1% from June but steady an annual basis. As summer has progressed, apartments have leased notably faster.
Leasing Activity
- At 1,324, the number of leases signed in Brooklyn during July 2026 declined 3% from June but rose 1% annually. This marked the first annual increase in three months. Total volume was in line with the four-year July average of 1,339 leases.
- Leasing rose versus a year ago for the smaller unit types but cooled for larger apartments. Studio and one-bedroom leasing activity increased annually by 7% and 13%, respectively, while two-bedroom leasing fell 12% and three-bedroom signings eased 1%.
