Exclusive | Manhattan rent smashes record at $6,865 as Brooklyn logs busiest September since 2020
New York’s rental market isn’t cooling down with the weather.Manhattan’s average monthly rent hit a new record of $6,865 in September, while Brooklyn logged its strongest September leasing activity since 2020, according to Corcoran’s latest rental reports.The median rent in Manhattan also reached an all-time high of $5,395 — up 2% from August and 9% from a year earlier — as available apartments dwindled.The borough had 5,015 active rental listings, down 16% annually and the fewest for any September since 2019.Inventory has now declined year-over-year for two straight years.“Manhattan’s rental market remains defined by a lack of available apartments,” Gary Malin, chief operating officer of the Corcoran Group, said in a statement.“With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.”Larger apartments saw some of the steepest increases.
Average rents for two- and three-bedroom units posted double-digit annual gains, with two-bedrooms reaching a record of nearly $8,500 a month.Even one-bedrooms, which recorded the smallest annual increase at 6%, averaged $5,436 — just $50 below their July peak.Manhattan’s vacancy rate stood at 1.54%, marking a fifth consecutive month around 1.5% — the longest stretch at that level in nearly six years.But the squeeze isn’t translating into more signed leases.Manhattan recorded 3,841 new leases in September, down 19% from August and 5% from a year earlier.
Corcoran attributed the slowdown to scarce inventory and record rents discouraging tenants from moving.Apartments also took longer to find tenants, averaging 48 days on the market, up 12% annually, as renters spent more time weighing their options.Across the East River, Brooklyn’s rental market bucked the usual seasonal slowdown.The borough recorded 1,407 signed leases, up 10% annually and 3% from August.Since Corcoran began tracking the market in 2019, September leasing had fallen from August ...