“In Manhattan, the median rent once again climbed to a new all-time high (reaching $4,600 per month) thus erasing the pricing decline experienced in August. Meanwhile, the number of signed leases fell year-over-year. September marked a slower rental market in the borough. Though this is typical of seasonality, it was further held back by a drop in inventory as the vacancy rate ticked down to 2.23% – lower than both August and last year.

In contrast, the Brooklyn rental market saw increased leasing activity on an annual basis, marking its busiest September in four years. Brooklyn renters have a wide selection as well, as rental inventory reached its highest September level also since 2020. Partially due to its perceived better value, the borough’s market remains extremely busy. Like Manhattan, the median rent rose both month-over-month and year-over-year – to hit $4,000 per month.

As September’s findings illustrate, New York tenants continue to seek (relative) affordability and are willing to explore new neighborhoods to find it. It will be interesting to see what happens to rents as the fall season progresses.”

– Gary Malin, Chief Operating Officer, The Corcoran Group

MANHATTAN

Rents

• The median Manhattan rent was $4,600 per month in September 2024 – vs. $4,400 per month in August. Median rent rose 5% month-over-month and 2% year-over-year. This pricing climb has erased any relief that renters felt in August.
• Average rent increased year-over-year for all apartment sizes. Pricing for three-bedroom units rose most significantly, up a substantial 20% versus last year – to reach $11,741 per month. However, this record-high three-bedroom average rent figure was skewed by high-end leases signed in Downtown luxury new developments.

Listings/Vacancy

• In September 2024, there were 7,427 active listings across Manhattan, down 12% versus August and year-over-year. Due to the surge in leasing activity in August, inventory saw its first annual decline in eighteen months.
• The average Manhattan apartment took 40 days to find a tenant in September, compared to 34 in August — an 18% increase month-over-month and a 50% drop when compared to September 2023. Tight inventory forced days on market down compared to a year ago. However, marketing time for both doorman and non-doorman buildings — both at 40 days — was the highest seen since this May.
• The Manhattan vacancy rate was 2.23% in September, down from August when the rate was 2.54%. Vacancy also fell when compared to the same time last year, as September 2023’s rate was 2.41%.

Leasing Activity

BROOKLYN

Rents

• The median rent in Brooklyn was $4,000 in September 2024 — up slightly vs. the $3,995 per month in August. Rents also rose 4% year-over-year. Median rent is now back above the $4,000 mark but still remains below its June peak.
• Average rent rose year-over-year across all bedroom types. Three-bedrooms saw the largest annual gain, up 9% — to reach $6,423 per month. Studio apartments experienced the smallest increase, up 4%, but joined one-bedrooms in reaching a new record for average rent.

Listings

• There were 4,562 active listings available in Brooklyn during September 2024, 8% fewer when compared to August but up 26% year-over-year. This is the highest September inventory figure since 2020.
• The average Brooklyn rental spent 33 days on the market in September. This is 13% fewer days versus August and 44% fewer when compared to last year. Renters acted quickly to take advantage of slower rent growth during the start of the fall market.

Leasing Activity 

• At 1,163 the number of leases signed in Brooklyn during September 2024 fell 22% from August but rose 5% annually. This marks the strongest September market since 2021. It’s also important to note that the month-over-month decline was less than the typical August to September seasonal slowdown.
• Leasing activity increased annually for all unit types except one-bedrooms. Studios saw the largest increase, up 31% compared to last year. Activity for one-bedrooms fell by a marginal amount as renters simply had fewer options in the category.

Read the full reports:

Manhattan  |  Brooklyn