“In Manhattan, renters experienced a welcome decline in the median rent during November, as it decreased 3% from October while rising 1% year-over-year. Over the last two years, rents have typically climbed 7% annually, so this is a sign that the growth in rental pricing has slowed. Leasing activity also fell a substantial 22% month-over-month, while remaining flat on an annual basis. This is expected for this time of year, as the holiday season is upon us. At 2.07%, the vacancy rate fell slightly versus last month and last year, as many tenants chose to stay put.

Across the river in Brooklyn, median rent declined 2% from October and 1% from November 2023. This marks the first time rents in the borough have declined both monthly and annually since May 2021. Overall, Brooklyn rents are down 6% from their peak in June of this year. While leasing activity declined 14% from October, it rebounded year-over-year by increasing 21% — as last November was historically slow.

In general terms, the data illustrates that many New York tenants remain extremely price sensitive. Meanwhile, the end of the year tends to be a time of reduced desire to seek new housing. In part to spur activity during this typically slow period, building owners seem to be more flexible with pricing. If a renter is willing to take on the task of moving in addition to all of their holiday commitments, they may find relative value in today’s marketplace.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In November 2024, there were 6,572 active listings across Manhattan, down 11.6% versus October and 24% year-over-year. High rents have caused many tenants to renew current leases, rather than test their luck in the rental market.
• The average Manhattan apartment took 48 days to find a tenant in November, compared to 47 in October — a 2% rise month-over-month but a 4% drop when compared to November 2023.
• The Manhattan vacancy rate was 2.07% in November, down from October when the rate was 2.12%. Vacancy also fell when compared to the same time last year – as November 2023’s rate was 2.51%. Fewer active listings led to lower visible vacancy.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,855 in November 2024 – down 2.4% vs. the $3,950 per month in October and a 1% decline year-over-year. This is the first time the figure has dropped both monthly and annually since May 2021.
• Average rent decreased year-over-year across all bedroom types, except for two-bedrooms where it increased by 2%. Three-bedrooms saw the largest annual drop, down 10% — to reach $5,996 per month. This marks the biggest YOY decline for this unit type in over three years.

Listings

• There were 3,982 active listings available in Brooklyn during November 2024, 9% fewer when compared to October but up 3% year-over-year. Due to increased leasing activity on an annual basis, the October to November inventory decline was more substantial than is typical for this time of year.
• The average Brooklyn rental spent 42 days on the market in November. This is 2% more days versus October and 16% more when compared to last year.

Leasing Activity 

• At 927, the number of leases signed in Brooklyn during November 2024 fell 14% from October but rose a significant 21% annually. This marks the second-largest year-over-year gain in 14 months.
• Reported signed leases increased by double-digit percentages annually for all unit types. Activity for two-bedrooms increased most significantly, up 39%.

Read the full reports:

Manhattan  |  Brooklyn