“In May, Manhattan leasing activity declined on an annual basis, while available inventory remained below typical seasonal levels. Visible vacancy dropped to its lowest point in nearly three years, hitting 1.65%. Meanwhile, the borough’s median rent rose 7% from last year, holding steady at April’s record high of $4,800 per month.

Meanwhile in Brooklyn, signed lease activity declined year-over-year, reaching the lowest May total in three years. The drop may be due to continued pressure related to pricing, with the borough’s median rent of $4,085 remaining near all-time highs. Inventory rose slightly, offering slightly more choices for tenants while marketing time shortened because elevated prices prompted renters to act quickly.

The rental market remains extremely competitive in both boroughs, with conditions slightly more advantageous to renters in Brooklyn due to more options. My advice to tenants on both sides of the East River is to be flexible, act quickly, and keep an open mind.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In May 2025, there were 6,254 active listings across Manhattan, down 1% versus April and 19% annually. May marked the ninth consecutive month of annual inventory declines, pushing available listings 12% below the May five-year average.
• The average Manhattan apartment took 39 days to find a tenant in May, unchanged from April but a 9% decline compared to May 2024. This marked the shortest marketing time for a May in more than seven years.
• The Manhattan vacancy rate was 1.65% in May, down from April when the rate was 1.87% – and also lower than the rate in May 2024, when it reached 2.01%. This was the ninth consecutive month of annual decreases and the lowest rate since November 2021. It was also the lowest vacancy level recorded in May in six years.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,085 per month in May 2025 – a 2.3% rise when compared to April, but a minimal (less than 1%) decline year-over-year. The median rent in the borough remains less than 1% below the all-time high set in June 2024.
• Average rent trends were mixed across unit types in May. While studios and one-bedroom units experienced slight year-over-year declines, rents for two- and three-bedroom units continued to climb. Three-bedroom units led the gains with a 4% annual increase, and pricing for both two- and three-bedrooms reached new record highs – at $5,261 and $7,093, respectively.

Listings

• There were 4,490 active listings in Brooklyn during May 2025, 14% more when compared to April and a 3% rise year-over-year. Inventory has reached the highest May level since 2021, meaning a boost in options for renters.
• The average Brooklyn rental spent 39 days on the market in May. This is unchanged when compared to April but 17% fewer days when looking year-over-year. Despite the increase in supply, this marks one of the fastest May leasing paces in recent years.

Leasing Activity 

• At 1,326, the number of leases signed in Brooklyn during May 2025 rose 12% from April but declined 22% year-over-year. This tracks as the slowest May in three years. Although May typically brings a seasonal uptick in reported leases, this year’s modest monthly increase lagged behind historical trends..
• Leasing activity declined year-over-year across all unit types, reflecting a broader market slowdown. Two-bedroom units saw the steepest drop, with signed leases falling 30% to 386 – a three-year May low for this unit type.

Read the full reports:

Manhattan  |  Brooklyn