NYC Residential Rental Market Report: October 2025
“Manhattan’s rental market remained challenging for apartment seekers in October. Signed leases ticked up 5% year-over-year, but activity is still below historical norms due to limited apartment availability. Rents continue to be elevated at a median of $4,971 per month. This remains near a record high, and all unit types posted year-over-year pricing gains for the 14th straight month. Inventory and visible vacancy stayed exceptionally low, while longer days on market suggests higher pricing is slowing turnover.
Meanwhile, Brooklyn’s rental market was slightly stronger. New leases climbed 9% annually, marking the highest number of October signed leases since back in 2022. Softer prices following the peaks seen over the summer and only a slight dip in availability helped fuel tenant demand. Average days on market also climbed in Brooklyn, reaching a nearly two-year high in the borough.
There is some good news for New York renters. While prices are higher than most would like to see, the increase in days on market in both boroughs gives tenants more breathing room to make decisions and navigate the leasing process as we move deeper into the fall season.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,971 per month in October 2025 – flat from September but up 7% annually. Median rent continued its year-over-year climb and is now within just 0.5% of the record high. Meanwhile, average rent in non-doorman buildings surged 14% annually to reach $5,383 per month, setting a new all-time high for that category.
- Average rents increased year-over-year across all unit types, though they remain 2% to 3% below their respective all-time peaks. Three-bedroom apartments saw the largest annual gains, rising 13% to reach $12,139 per month.
Listings/Vacancy
- In October 2025, there were 6,045 active listings across Manhattan, up 1% versus September but down 19% annually. This marks the 14th consecutive month of annual inventory decreases and the lowest October level since 2021. The “lock-in effect” of rising rents is keeping tenants in place, as many opt for renewals rather than moving.
- Overall, the average Manhattan apartment took 54 days to find a tenant in October, up 26% month-over-month and 15% year-over-year. Listings are staying on the market longer, driven in part by higher pricing.
- The Manhattan vacancy rate was 1.71% in October, up from September when the rate was 1.56%. However, it was lower than the rate in October 2024, when it reached 2.12%. Vacancy has now remained below 2% for eleven consecutive months, a streak not seen since before the pandemic.
Leasing Activity
- With 4,079 new leases signed in Manhattan, October 2025 activity rose 1% when compared to September and 5% year-over-year. Leasing has rebounded from last October’s seven-year low. However, the total remains about 10% below the historical October average, as limited vacancy continues to constrain new lease signings.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,100 per month in October 2025 – unchanged when compared to September, but a 4% rise year-over-year. Brooklyn rents rose annually for the fourth consecutive month. Overall median rent increased 4% while average rent climbed 6% to $4,839. Both figures remain below their summer peaks.
- Average rent rose year-over-year across all unit types. Two-bedrooms led with an 11% increase to $5,504, just 1% below the new record. Meanwhile. studio rents climbed 4%, one-bedrooms rose 2%, and three-bedroom pricing increased 5%. The gains reflect sustained demand despite the change of season.
Listings
- There were 4,191 active listings in Brooklyn during October 2025, 8% fewer when compared to September and a 4% decline year-over-year. This marks the fourth straight month of annual declines.
- The average Brooklyn rental spent 55 days on the market in October. This is a 38% rise from September and 34% on an annual basis. Days on market for Brooklyn apartments has reached the highest level since 2022. The increase in marketing time reflects renter hesitation at elevated price points.
Leasing Activity
- At 1,174, the number of leases signed in Brooklyn during October 2025 was down 8% from September, but up 9% annually. This was the highest October total in three years. The monthly decline from September reflected typical seasonal patterns but was less pronounced than historical averages.
- Leasing activity surged across all unit types, led by two-bedrooms with a 55% year-over-year increase to 479 signed leases. Studio leases jumped to 217, accounting for 18% of all signings and marking their highest share since early 2021, underscoring strong demand for smaller, value-driven options.
