New York City Rent Index

Manhattan’s median market-rate rent set a new record in September, with average rents rising across all apartment types and two- and three-bedroom units posting the largest annual gains. Limited inventory and a 1.54% vacancy rate coincided with fewer signed leases and longer marketing times.

Manhattan’s median rent reached a record $5,395 in September, up 9% year over year, while active listings fell 16% annually to the lowest September level since 2019. Brooklyn rents remained elevated at $4,300 despite a modest monthly decline, with inventory down 25% year over year.

Manhattan apartment rents rose 2% from August and 9% from a year earlier to a $5,395 median, while available listings dropped to 5,015. The report highlights continued supply constraints, roughly 1.5% vacancy, and slower lease signings as renters take longer to evaluate expensive options.