New York City’s rental market remains expensive and competitive, with rents in Manhattan and Brooklyn reaching new record highs. According to the latest rental market data, renters are facing fewer available apartments while demand remains strong. Manhattan’s median rent reached $5,295, while Brooklyn’s median rent rose to $4,350.

Manhattan Rents Reach a New Record

Manhattan’s median rent increased 8% compared with June 2025, reaching $5,295. At the same time, the number of available apartments dropped 16% from a year earlier.

With fewer apartments available, renters are competing for a smaller number of homes. Apartments also rented faster, spending an average of just 36 days on the market.

Brooklyn Rents Also Hit a Record

Brooklyn saw a similar trend. The median rent reached $4,350, an 8% increase from the previous year. One reason for the increase was the number of higher-priced new developments entering the market. Although Brooklyn’s rental inventory was nearly unchanged from the previous year, fewer renters signed new leases compared with a year earlier.

Renters Are Moving Quickly

The current market is forcing renters to act quickly when they find an apartment they like. In Manhattan, apartments spent an average of 36 days on the market. Brooklyn apartments averaged 37 days. Both figures were significantly faster than the previous year, showing how strong demand remains.

The FARE Act May Be Affecting Prices

The report also points to New York City’s FARE Act, which shifted most broker-fee responsibility from renters to landlords.

The law had been in place for about a year, and some landlords may still be adjusting their rental prices to cover the additional costs. The effect appears to be particularly noticeable in some Manhattan apartments without doormen.

What This Means for the NYC Rental Market

The latest numbers show that New York’s rental market continues to favor landlords in many areas. Limited inventory and strong demand are putting upward pressure on rents.

For renters, this means finding an affordable apartment may require moving quickly and being flexible about location, apartment type, and price. For property owners, the strong demand continues to support high rental values, especially in areas with limited available housing.