“Manhattan median rents remain plateaued versus June at a record high of $5,295 per month, while they climbed 6% when compared to last July. Meanwhile, the number of signed leases rose 3% annually, while inventory dropped a substantial 22% over the same period. This increased demand for apartments in the borough, coupled with reduced supply, has created a pressure cooker. Too many would-be tenants are seeking a shrinking number of available apartments. The city desperately needs to unlock or build more rental housing.
While still an intense environment for renters, conditions in Brooklyn were slightly more moderate. At $4,257 per month, the median rent declined 2.1% from June – but was still a slight 1% higher annually. Inventory fell 8.6% when compared to July 2025 while leasing rose 1%, meaning Brooklyn tenants also had fewer choices and more competition versus the same time last year.
Renters in both boroughs are feeling the squeeze more than ever. New York’s unmatched appeal continues to attract people looking to put down roots, but years of policies that have discouraged investment by owners and developers have helped push rents and competition to new extremes.”
– Gary Malin, Chief Operating Officer, The Corcoran Group