NYC Residential Rental Market Report: June 2025
“In June, pricing in Manhattan and Brooklyn moved in different directions, but the rental market was undeniably competitive in both boroughs. Manhattan’s median rent hit a record $4,895, up 5% year-over-year, while Brooklyn’s dipped 2% to $4,025 – only its second annual decline in nearly four years. Meanwhile, inventory remains tight across the board. The lack of available apartments was especially pronounced in Manhattan, where the number of listings fell 23% from this time last year. This is due – in part – to landlords recalibrating their marketing strategies in response to shifting regulations.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- In June, Manhattan’s median rent hit a new record of $4,895 per month, rising 2% from May and 5% year-over-year. Rents in doorman buildings climbed the most on an annual basis, up 6% to reach $5,300. Meanwhile, non-doorman units rose 4%, hitting $3,995.
- One-bedroom rents crossed the $5,000 threshold for the first time to reach an average of $5,021, while rents for three-bedrooms climbed 13% to $11,041, the steepest annual gain among all unit types.
Listings/Vacancy
- Active listings fell 23% year-over-year, but remained flat from May, and now sit 27% below the five-year June average. The FARE Act has prompted many landlords to pull listings as they determine their marketing strategy going forward, thus deepening the inventory crunch.
- Vacancy edged up slightly to 1.87%, but remains down 0.27% from last June, marking the tenth straight month of annual declines and the lowest June level since 2021.
- In June, average days on market jumped to 51 days. This is up 31% from May and 59% year-over-year, as older listings finally found tenants.
Leasing Activity
- Leasing volume climbed 5% year-over-year and 2% month-over-month, with 5,038 new leases signed. Doorman buildings led the charge, up 9% annually, while non-doorman leases dipped 1%.
- Despite the uptick, leasing remains 11% below June 2023 levels (two years ago), reflecting a market still adjusting to regulatory shifts and tight supply.
BROOKLYN
Rents
- The median rent in Brooklyn fell to $4,025 in June, down 1.5% from May and 2% year-over-year, marking only the second annual decline in nearly four years. A shift toward lower-priced inventory contributed to the dip.
- Rent trends varied by unit type. Studios and three-bedrooms saw annual gains of 2% and 11%, respectively. With the largest year-over-year increase, the average Brooklyn three-bedroom apartment rented for $7,000 per month in June. Meanwhile, rents for one-bedrooms dipped 1%, while two-bedrooms held steady.
Listings
- Active listings totaled 4,490, unchanged from May but down 5% year-over-year — only the third annual decline in nearly three years. Many landlords pulled listings to reassess pricing or moved them off-platform.
- The average Brooklyn rental spent 53 days on the market, a 36% climb from May and 77% longer versus last year.
Leasing Activity
- Brooklyn saw 1,532 leases signed in June, up 16% from May and 18% year-over-year, to mark the busiest June in over four years. Lower broker fees and softening rents fueled the surge.
- Leasing activity rose across all unit types. Three-bedrooms led with a 30% annual increase, followed by one-bedrooms (+19%), two-bedrooms (+15%), and studios (+10%).
