{"id":933485,"date":"2026-07-14T04:14:36","date_gmt":"2026-07-14T04:14:36","guid":{"rendered":"https:\/\/www.europesays.com\/us\/933485\/"},"modified":"2026-07-14T04:14:36","modified_gmt":"2026-07-14T04:14:36","slug":"higher-higher-rents-in-brooklyn-and-manhattan-keep-soaring-to-new-records-report-finds","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/933485\/","title":{"rendered":"HIGHER & HIGHER: Rents in Brooklyn and Manhattan keep soaring to new records, report finds"},"content":{"rendered":"

Rents continued to break records in June as a historic housing shortage fueled intense competition for the few available listings, a new report by the real estate corporation, The Corcoran Group found.<\/a><\/p>\n

The report, analyzing trends in the residential real estate market, showed that the median price that someone pays for rent in Manhattan is up 3% from May to June to $5,295. Meanwhile, the median rent for apartments in Brooklyn crept up by a tenth of a percent to $4,350, \u2014 a more modest increase, but still an all-time high.<\/p>\n

\u201cAcross the board, quality apartments are commanding a premium, and renters have little room to negotiate,\u201d said Gary Malin, chief operating officer of The Corcoran Group.\n<\/p>\n

Year over year, both boroughs have seen the median rent jump 8% from the same time in 2025. Two neighborhoods across Brooklyn stood out as outliers. The average rent in Prospect Heights dropped 15% from $5,312 in June 2025 to $4,537 in June 2026. Prospect Park South saw a smaller 6% decrease in average rents from $3,511 in June 2025 to $3,306 in June 2026.<\/p>\n

Rents skyrocket in some Brooklyn neighborhoods<\/p>\n

Malin noted that the historically low vacancy rate was driving up competition among rental applicants. This was true for both boroughs, which saw the days that vacant apartments spent on the market fall around 30% from the same time in 2025 to 37 days for listings in Brooklyn and 36 days for listings in Manhattan.<\/p>\n

\u201cThroughout the borough, competition remains intense, urgency is high, and well-priced listings are disappearing almost as quickly as they hit the market,\u201d Malin said.\n<\/p>\n

The neighborhood where The Corcoran Group documented the largest jump in rental prices was South Williamsburg, where average rents spiked 44% from $4,571 in June 2025 to a record-setting $6,569 in June 2026. Not far behind was DUMBO with a skyrocketing 33% increase in the average rent from $6,406 in June of 2025 to a whopping $8,513 in June of 2026.<\/p>\n

June also marked the one-year milestone of the Fairness in Apartment Rental Expenses Act<\/a> (FARE Act), which bans the practice of passing off fees to real estate brokers who were not contracted by the tenant.<\/p>\n

Malin speculated that the FARE Act could potentially be impacting rental price trends, although that conclusion has been hotly contested amongst real estate industry professionals<\/a>, lawmakers and housing advocates.<\/p>\n

He pointed more directly to a shortage of housing stock as the factor driving the surge in prices, saying that renters are \u201cchasing a shrinking pool of available apartments\u201d and calling the record-high rents a \u201cpredictable result.\u201d<\/p>\n

The city has made efforts to increase its housing stock, most notably through the landmark citywide rezoning effort, the City of Yes for Housing Opportunity. Housing production is on the rise, with the Department of City Planning reporting that in 2025, NYC added the most units of housing since 1965.<\/p>\n

Still, the shortage is vast, and industry professionals warn that the city\u2019s housing production, while increasing, is not increasing quickly enough.\n<\/p>\n

In 2022, then-Mayor Eric Adams and Governor Kathy Hochul set the goal of building and preserving 500,000 units of housing over the course of a decade.\u00a0\n<\/p>\n

Current Mayor Zohran Mamdani has taken up the task, vowing to build 200,000 new units and preserve another 200,000 units of housing over the next decade. But as new housing takes years to develop, New York City renters aren\u2019t likely to see rental relief soon, if ever, some experts have speculated<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Rents continued to break records in June as a historic housing shortage fueled intense competition for the few…\n","protected":false},"author":3,"featured_media":933486,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[5229,9886,6308,186028,405,403,5226,5225,5228,5227,152245,24672,8167,67,586,132,5230,68,2969],"class_list":["post-933485","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-america","tag-construction","tag-housing-shortage","tag-new-development","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-nyc-housing","tag-pm-newsletter","tag-rent","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116916392131998472","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/933485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=933485"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/933485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/933486"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=933485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=933485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=933485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}