Inhabit by Corcoran

“Despite a slight monthly pullback in rents, Manhattan continues to experience one of the tightest rental markets in recent memory. Even with the median rent slipping 2% from September’s record high, it still reached $5,279 per month, up 6% year-over-year, while the one-bedroom average rent hit a new record of $5,587. With vacancy falling to just 1.31%, the lowest level since March 2020, competition remains intense whenever quality inventory becomes available. Until supply meaningfully improves, renters should expect pricing power to remain firmly in landlords’ hands.

Brooklyn also continues to see strong upward pressure on rents as supply in the borough tightens. The median rent climbed to a new record of $4,400 per month, up 7% year-over-year, while the number of available units dropped 22% from last year to just 3,283 listings. Would-be tenants are increasingly competing for a shrinking pool of apartments, helping push prices to new highs. The reality is that demand hasn’t gone away, but a lot of the available inventory has.””

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

Listings/Vacancy

• In October 2026, there were 5,081 active listings across Manhattan, up 1% vs. September but down 16% year-over-year. Available inventory remained exceptionally limited, falling to its lowest October level in five years. Although inventory increased modestly from September on a seasonal basis, available options remain constrained by historical standards.
• Overall, the average Manhattan apartment took 49 days to find a tenant in October, up 2% month-over-month but down 9% annually. The modest pullback in rents from September’s peak, coupled with slower annual rent growth, encouraged renters to act swiftly on available inventory vs. last year. Marketing times increased by just one day from last month.
• The Manhattan vacancy rate was 1.31% in October 2026, down from September when the rate was 1.54%. It is also lower than last October’s vacancy rate of 1.71% This October marks the lowest vacancy rate recorded in any month since March 2020. Vacancy has now remained at exceptionally constrained levels, helping sustain rent growth despite slowing leasing activity.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,400 per month in October 2026, a 2% rise from September and up 7% year-over-year. Rents in the borough have reached a new all-time high, surpassing the previous record of $4,368 set back in August.
• One-bedroom average rent set an all-time high in October at $4,450, a 14% annual gain that outpaced every other unit type. Two bedrooms also set a new record, rising 6% year-over-year to $5,847. Studio rent gained 5% from last October to $3,513, 1% below the record it set in June, while three bedrooms were the only unit type below year-ago levels, slipping 4% to an average of $6,749 per month.

Listings

• There were 3,283 active listings in Brooklyn during October 2026, down 4% vs. September and 22% year-over-year. This marks the lowest October figure since 2021. The annual decline has steepened since June, when available inventory was essentially flat against 2025.
• The average Brooklyn rental spent 55 days on the market in October. This was up by a slight 2 days from September and unchanged from October 2025.

Leasing Activity 

• At 1,084, the number of leases signed in Brooklyn during October 2026 fell a substantial 23% from September and 8% annually. The decline from September was the steepest between the two months since tracking began in 2019. However, year-to-date, Brooklyn leasing is running 5% ahead of 2025’s total.
• Every unit type had fewer reported leases signed compared to a year earlier, and the decline deepened with apartment size. Three-bedroom signings fell 39% to 102 leases, the fewest of any October on record, while the number of studio leases eased 10% to 195.

Read the full reports:

Manhattan  |  Brooklyn