NYC Residential Rental Market Report: June 2026
“Manhattan renters are chasing a shrinking pool of available apartments, and the result has become predictable — record rents. Available listings dropped 16% year-over-year in June, while the borough’s median rent climbed to a new high of $5,295 . Leasing activity clocked in 7% below last year’s pace due to the lack of inventory, causing competition to remain fierce. Additionally, June marked one year since implementation of the FARE Act, a milestone that may still be influencing pricing trends, particularly within the non-doorman market. Across the board, quality apartments are commanding a premium, and renters have little room to negotiate.
Brooklyn’s rental market is also rewriting the record books. Median rent jumped 8% year-over-year to an all-time high of $4,350 and apartments spent 30% fewer days on the market. This steep annual decline underscores how tight the market has become, with flat inventory and strong demand strong causing available units to rent far faster than a year ago. While lease signings were lower on an annual basis, activity picked up from May as renters moved quickly to secure apartments ahead of the busiest stretch of the summer season. Throughout the borough, competition remains intense, urgency is high, and well-priced listings are disappearing almost as quickly as they hit the market.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent reached a new record of $5,295 per month in June 2026 as it ticked up 3% versus the previous high in May of $5,125. Pricing was also up 8% annually.
- Studio and one-bedroom apartments each hit new average rent records for the second consecutive month in June, reaching $4,014 and $5,408, respectively. Two- and three-bedroom rents also continued to rise, with both categories posting annual gains of 10%.
Listings/Vacancy
- In June 2026, there were 5,260 active listings across Manhattan, up 6% versus May. May. Despite the monthly gain, listings fell 16% year-over-year and registered the lowest June total in three years. Lack of available inventory remains a pressing issue in the rental market.
- Overall, the average Manhattan apartment took 36 days to find a tenant in June, unchanged month-over-month but down 29% annually. Limited inventory continues to shorten marketing times and creates a highly competitive environment for those seeking available apartments.
- The Manhattan vacancy rate was 1.49% in June, a slight decline from May when the rate was 1.57%. It was also lower than the rate in June 2025, when it reached 1.87%. Even with inventory increasing modestly versus May (see above), available supply remains insufficient to materially shift conditions in renters’ favor.
Leasing Activity
- With 4,679 new leases reported signed in Manhattan, June 2026 activity ticked up 1% when compared to May but remained 7% below last year’s level. The decline occurred alongside a double-digit year-over-year drop in inventory, indicating that limited supply continues to cap leasing volume during one of Manhattan’s busiest rental periods.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,350 per month in June 2026. Median rent rose minimally (0.1%) from May but 8% year-over-year. Rents in the borough have now reached yet another new all-time high, surpassing the previous record of $4,347 that was set in May. A rising share of new, higher-priced development helped pull pricing higher.
- Year-over-year, average rent rose across all unit types. One- and two-bedroom apartments posted the strongest appreciation, each rising 10% annually to reach $4,297 and $5,740, respectively.
Listings
- There were 4,473 active listings in Brooklyn during June 2026, up 4% versus May but down a marginal 0.4% year-over-year. Renters had a similar number of choices as they did last June.
- The average Brooklyn rental spent 37 days on the market in June. This was unchanged from May but a substantial 30% drop on an annual basis. The steep annual decline underscores how tight the market has become, with flat inventory and strong demand pulling available units off the market far faster than a year ago.
Leasing Activity
- At 1,368, the number of leases signed in Brooklyn during June 2026 was up 6% from April but down 11% annually. It marked the second consecutive month of annual declines, following an eight-month streak of gains that ended in May. Even so, it was the second-strongest June for leasing since 2022, trailing only last year’s total.
- Year-over-year, leasing contracted across every unit type except studios, which edged up 7%. The pullback deepened with apartment size, leaving three bedrooms with the sharpest decline, down 20%.
