Inhabit by Corcoran

“Manhattan’s rental market stayed fiercely competitive in November as limited supply continued to drive pricing sky high. Median rent matched July’s peak of $4,995 per month, while pricing for units in doorman buildings hit a new record high, even as days on market climbed. Despite longer listing times, leasing activity surged to its strongest November level since 2020, underscoring that tenants who need a home in the borough aren’t deterred by elevated pricing or tight inventory.

Brooklyn’s rental market also strengthened in November, recording its highest level of leasing activity for that month since 2020. While still up on an annual basis, the borough’s median rent of $4,000 was still lower relative to the summer peak. This helped bolster demand as the number of signed leases climbed 22% from last year at this time. However, average days on market also rose to the highest level since 2023, giving Brooklyn home seekers slightly more time to make decisions.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In November 2025, there were 5,975 active listings across Manhattan, down 1% versus October and 9% annually. Active listings continued their year-long decline, though the 9% drop was the smallest contraction in nine months. Tight inventory has kept upward pressure on rents for much of the year, despite new supply entering the market.
• Overall, the average Manhattan apartment took 55 days to find a tenant in November, up 2% month-over-month and 15% year-over-year. Despite record leasing activity, listings are spending more time on the market. This suggests that while demand is strong, renters may be taking more time to make decisions.
• The Manhattan vacancy rate was 1.89% in November, up from October when the rate was 1.71%. However, it was lower than the rate in November 2024, when it reached 2.07%. Vacancy has remained below 2% for twelve straight months – the longest stretch since 2019.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,000 per month in November 2025 – down 2% when compared to October, but a 4% rise year-over-year. Median rent rose annually for the fifth consecutive month. However, the figure eased from the summer high, reflecting typical seasonal cooling.
• Average rent increased year‐over‐year across all unit types in November, led by three bedrooms, which rose 12% to $6,713. Three-bedroom pricing has now posted annual gains for nine consecutive months – the longest recent growth streak of any unit type in the market.

Listings

• There were 4,002 active listings in Brooklyn during November 2025, 5% fewer when compared to October and a 1% increase year-over-year. This slight annual increase reverses four straight month of YOY declines.
• The average Brooklyn rental spent 46 days on the market in November. This is a 16% decrease from October but a 10% rise on an annual basis. The 46 days marks the highest level for the month since 2023, though the dip from October breaks the upward trend that began in late summer.

Leasing Activity 

• At 1,127, the number of leases signed in Brooklyn during November 2025 was down 4% from October, but up 22% annually. This year-over-year increase caused the highest November total in five years. The monthly decline reflected typical seasonal patterns but was less pronounced than the historical average.
• Leasing activity rose year-over-year across all unit types in November, with studios and one bedrooms driving the strongest gains. Most notably, studio signings climbed 37%to 197 leases, marking one of their highest November shares in several years and reflecting sustained demand for smaller, more affordable units.

Read the full reports:

Manhattan  |  Brooklyn