NYC Residential Rental Market Report: September 2025
“Manhattan’s rental market continues to be defined by limited supply. With median rent climbing to $4,972 and vacancy falling to its lowest level in four years, the borough commands premium pricing — especially in doorman buildings, where prices hit a record high. Listed inventory has declined by double-digits for seven consecutive months which puts additional pressure on apartment seekers. Manhattan’s enduring appeal, coupled with limited availability, is keeping rents elevated. It remains one of the most sought-after and competitive housing destinations in the country.
Meanwhile, the Brooklyn rental market is showing signs of ‘balance’. While median rent eased month-over-month, falling slightly to $4,100, annual gains remain steady. This was most pronounced for larger units, as pricing for two-bedrooms reached a new all-time high. Leasing activity surged, especially for studios and one-bedrooms, as renters responded to more accessible pricing. Inventory was less of an issue in the borough, as 2025 offered the most September availabilities in years. Brooklyn continues to attract renters who are seeking space, overall value, and community. Its performance in September reflects a market that’s comparatively resilient and responsive to ever-shifting demand.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
MANHATTAN
Rents
- The median Manhattan rent was $4,972 per month in September 2025 – up minimally (0.2%) from August and 8% year-over-year. Overall median rent continued its upward trajectory, rising 8% year-over-year and outpacing the annual gains seen prior to the implementation of the FARE Act. In addition, the median rent in doorman buildings reached a new record high of $5,350.
- Average rent rose year-over-year across all unit types, with one- and three-bedrooms reaching all-time highs of $5,140 and $12,407, respectively. The two-bedroom average rent was within 2% of the recent peak, while the figure for studios remained 4% below peak levels, offering a modest value relative to other unit types.
Listings/Vacancy
- In September 2025, there were 5,967 active listings across Manhattan, down 3% versus August and 20% annually. This marks the seventh consecutive month of double-digit annual declines in inventory. The fewer available options for prospective tenants intensifies an already competitive rental market.
- Overall, the average Manhattan apartment took 43 days to find a tenant in September, up 23% month-over-month and 8% year-over-year. Renters responded more quickly in the non-doorman segment, where rents have edged downward over the past two consecutive months.
- The Manhattan vacancy rate was 1.56% in September, down from August when the rate was 1.84%. It was also lower than the rate in September 2024, when it reached 2.23%. Vacancy is at its lowest point in nearly four years. This limited availability puts upward pressure on rents.
Leasing Activity
- With 4,048 new leases signed in Manhattan, September 2025 activity declined 17% when compared to August but rose a slight 0.4% year-over-year. The month-over-month drop from August to September reflects typical seasonality, though notably, it was the smallest September decline recorded in the past five years.
BROOKLYN
Rents
- The median rent in Brooklyn was $4,100 per month in September 2025 — a 2% decline compared to September, but a 3% rise year-over-year. This marks a more modest annual gain compared to the previous two months. Overall, the easing in prices helped stimulate rental activity.
- Average rent increased year-over-year across all bedroom types except one-bedrooms. Two-bedrooms had the largest annual increase, rising 10% and reaching a new record for the unit type of $5,553.
Listings
- There were 4,559 active listings in Brooklyn during September 2025, 5% fewer when compared to August and a minimal 0.1% decline year-over-year. The number of listings declined less than 1% annually, marking one of the strongest September availability levels since 2020.
- The average Brooklyn rental spent 40 days on the market in September. This is unchanged from August but up 21% on an annual basis. In September 2024, the metric had reached one of its lowest points on record – at 33 days.
Leasing Activity
- At 1,283, the number of leases signed in Brooklyn during September 2025 was down 12% from August, but up 10% annually. This marks the strongest September performance in four years. The monthly decline from August was typical of seasonal trends, but notably less severe than what is typically observed.
- Annually, one-bedroom lease activity rose by 19%, reflecting a positive renter response to pricing relief. Studio leases also surged by 17% over the same period, reaching their second-highest volume in more than four years.
