“In Manhattan, October’s median rent increased both versus September and year-over-year — to reach $4,650 per month. Record-high rents have caused many tenants to renew current leases, rather than take their chances with current market conditions. This lack of apartment ‘turn-over’ has caused a marked decrease on an annual basis in both the number of signed leases (down 15%) and the number of available apartments (down 22%) in the borough. At 2.12%, the vacancy rate is also increasingly tight as renters opt to stay put.

In Brooklyn, prices also remain high but tenants experienced some relief as the median rent fell slightly from September to October — to $3,950 per month. Meanwhile, apartment inventory in the borough is up on an annual basis, providing apartment seekers with comparatively more options. But like Manhattan, leasing activity has slowed (down 5% YOY), marking the slowest October for reported Brooklyn lease signings since 2021.

High rents and the typical fall market slowdown have impacted current demand for rental housing. As a result, landlords may choose to leverage move-in incentives or adjust pricing to spur activity as we enter the holiday season.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In October 2024, there were 6,946 active listings across Manhattan, down 6% versus September and 22% year-over-year. High rents have caused many tenants to renew current leases, which has resulted in a decrease in inventory.
• The average Manhattan apartment took 47 days to find a tenant in October, compared to 40 in September — an 18% increase month-over-month but a 51% drop when compared to October 2023. Tight inventory forced days on market down compared to a year ago.
• The Manhattan vacancy rate was 2.12% in October, down from September when the rate was 2.23%. Vacancy also fell when compared to the same time last year — as October 2023’s rate was 2.56%.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $3,950 in October 2024 — down 1.5% vs. the $4,000 per month in September. However, rents rose 5% year-over-year. Rents in the borough remain below their June peak and have fallen (on a monthly basis) in three of the last four months.
• Average rent rose year-over-year across all bedroom types. Three-bedrooms saw the largest annual gain, up 14% to reach $6,669 per month. There was strong demand for this unit type, as three-bedrooms captured the largest October market share since 2021.

Listings

• There were 4,387 active listings available in Brooklyn during October 2024, 4% fewer when compared to September but up 9% year-over-year. Slower leasing activity has led to more available apartments on the market. Inventory has now increased on an annual basis for 26 consecutive months.
• The average Brooklyn rental spent 41 days on the market in October. This is 24% more days versus September but 48% fewer when compared to last year. Marketing time has increased most recently as leasing activity has slowed.

Leasing Activity 

• At 1,077 the number of leases signed in Brooklyn during October 2024 fell 7% from September and 5% annually. Reported signed leases fell to the lowest October level since 2021.
• Leasing activity by apartment type was mixed. Signed leases for one- and three-bedroom units increased (by 3% and 2%, respectively) while activity slowed for studios and two-bedrooms (by 4% and 16%). Two-bedroom activity marked the slowest October since 2021.

Read the full reports:

Manhattan  |  Brooklyn