NYC Residential Rental Market Report: March 2026
“In March, Manhattan’s rental market remained incredibly inventory constrained. With just 5,049 units for lease, availability reached the lowest level in four years. Meanwhile, the borough’s median rent remained plateaued at an even $5,000 per month — again, a record high. Despite the contraction of new listings, the vacancy rate ticked up slightly versus February and year‑over‑year, as some sticker shocked renters allowed what was on offer to accumulate. At 3,906, the number of signed leases rose 5% year-over-year from last year’s five-year low. However, activity remained about 9% below the historical March average.
Meanwhile, Brooklyn experienced the strongest month for leasing since 2021. Hitting $4,150, the borough’s median rent rose 4% annually but declined 3% from February’s all-time high. As in Manhattan, inventory became increasingly constrained, as active listings fell 8% from both the previous month and last year. As a result, apartments in the borough leased faster – with 11% fewer days on market when compared to March 2025 and 21% fewer than February – as the steady demand caused available homes to lease quickly. People still find relative ‘value’ in Brooklyn, but conditions are becoming increasingly competitive.
Across the city, ‘inventory’ is the key word – and the lack thereof continues to challenge apartment seekers. This factor will likely apply upward pressure to pricing as we move into the summer busy season.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $5,000 per month in March 2026 — unchanged from February and up 6% annually. For the second consecutive month, median rents have hit the $5K threshold — an all-time record. In addition, median rent in doorman-equipped buildings also reached an all-time new high of $5,395 during March.
- Average rents rose year-over-year across all unit types, with one-bedroom and two-bedroom apartments setting new records at $5,206 and $8,166, respectively. While three-bedroom units posted the largest annual increase (up 16%), average rent for this category eased slightly from last month’s record high.
Listings/Vacancy
- In March 2026, there were 5,049 active listings across Manhattan, down 4% versus February. Listings declined 14% year-over-year, marking the 19th consecutive month of inventory contraction in Manhattan. The total number of available apartments is now at the lowest level in four years.
- Overall, the average Manhattan apartment took 51 days to find a tenant in March, down 7% month-over-month but up 6% annually. This year-over-year increase in days-on-market was driven entirely by the non-doorman segment, while the doorman market posted a figure 2% below last year.
- The Manhattan vacancy rate was 1.88% in March, up from February when the rate was 1.73%. It was also higher than the rate in March 2025, when it reached 1.74%. While the number of listings continued to contract market-wide, vacancy rose as longer lease‑up timelines and higher rent allowed vacant units to accumulate.
Leasing Activity
- With 3,906 new leases reported signed in Manhattan, March 2026 activity climbed 19% when compared to February and 5% annually vs. last year’s five-year low. However, leasing activity remained about 9% below the historical March average.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,150 per month in March 2026. Median rent rose 4% year over year to reach a new March record, though it remained 3% below last month’s all‑time high.
- Average rent rose across all unit types, led by three bedrooms, up 11% to $7,440, just 2% below the record high set in December 2025. Studio rents climbed 7% year-over-year, while one- and two-bedrooms each rose 6%.
Listings
- There were 3,315 active listings in Brooklyn during March 2026, down 8% versus February and year-over-year. This marks the first annual supply decline in the borough in four months.
- The average Brooklyn rental spent 49 days on the market in March. This is a 21% decline from February and an 11% drop on an annual basis. Tighter inventory and steady renter demand helped listings move more quickly.
Leasing Activity
- At 1,166, the number of leases signed in Brooklyn during March 2026 was up 13% from February and 5% annually. This is the sixth consecutive month of annual gains. The year-over-year gain in signed leases outpaced the typical seasonal lift between the two months.
- Leasing activity was split across unit types, with studios and one-bedrooms posting annual gains while larger units pulled back. Studios surged 52% year-over-year to 233 signed leases, their highest March share in recent years, underscoring demand for value‑focused units. Two- and three-bedroom activity both declined, with three bedrooms falling 10% annually, likely a response to near-record rents in that segment.
