“Activity in Manhattan’s rental market slowed in March versus last year as the median rent of $4,706 remains near a record high. In addition, the number of available apartments declined 16% year-over-year, which created even more challenges for renters. This lack of inventory caused the number of new leases signed to fall 7% annually – to mark fewest number of March transactions in five years. This lack of available homes is causing considerable frustration for apartment seekers as in some cases, they face bidding wars for desirable apartments.

In contrast, leasing activity in Brooklyn jumped 17% year-over-year, reaching its highest March figure since 2021. However, renters looking for significant pricing relief were disappointed as the median rent ticked up, albeit minimally, to $4,000 per month. Strong leasing volume drove inventory 2% lower versus a year ago. The borough is seeing significant interest as apartment seekers search for relative value and more housing options. In total, conditions in Brooklyn are far from ideal for tenants, but they are less frenzied than what’s occurring across the East River.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In March 2025, there were 5,859 active listings across Manhattan, down 18% versus February and 16% year-over-year. The March inventory figure, which is lower than usual, has now declined on an annual basis for seven consecutive months.
• The average Manhattan apartment took 48 days to find a tenant in March, compared to 51 in February – a 6% drop month-over-month but a 2% rise when compared to March 2024. Low inventory and high rents continue to create a challenging environment for tenants.
• The Manhattan vacancy rate was 1.74% in March, up from February when the rate was 1.66%. This marks the first time visible vacancy ticked up on a monthly basis in seven months. In contrast, vacancy fell when compared to the same time last year – as March 2024’s rate was 2.00%.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,000 per month in March 2025 – a minimal (less than 1%) rise both when compared to this February and year-over-year. Median rent in the borough has now increased annually for 41 of the last 42 months.
• Average rent increased year-over-year for all unit types except studios, which fell by 5% to $3,150 per month. This marks only the annual decrease for studios in over three-and-a-half years, indicating that studios may have hit a price ceiling. However, all unit types, including two-bedrooms which had the largest annual gain of 4% to reach $5,105, remain below their summer 2024 peaks.

Listings

• There were 3,591 active listings available in Brooklyn during March 2025, a minimal 0.6% more when compared to February but 2% fewer year-over-year. The launch of new listings still did not keep pace with leasing activity.
• The average Brooklyn rental spent 55 days on the market in March. This is 17% more days when compared to February and a noteworthy 34% longer when looking year-over-year. March’s 55 day average marketing time also marked a 17-month high.

Leasing Activity 

• At 1,254, the number of leases signed in Brooklyn during March 2025 increased a robust 49% from February and 17% annually. March is typically a busier month than February, but this year’s month-over-month rise was more than double the usual change.
• Leasing activity increased annually for all unit types except for studios. One-bedrooms had the most significant increase, up 23% to 548 leases, the largest March lease figure for this unit type since March 2021.

Read the full reports:

Manhattan  |  Brooklyn