Manhattan median rent rose to $4,600 in October, third-highest on record

New York City rental listings gone before you can get out the door to see them? That was the recent experience of Zoey, a New York City newcomer from Oklahoma. During a whirlwind, two-day visit here to find a place, “apartments would get rented out before I got off the subway to see them,” she told Brick.

Zoey experienced what a lot of renters often go through when looking for apartments in NYC, especially now. Manhattan units spent 38 days on the market last month, down 15.6 percent from October 2024, when they sat for 45 days, according to the latest edition of the Elliman Report for Manhattan, Brooklyn, and Queens rental markets.

In Brooklyn, rental listings disappear even faster. They spent 21 days on the market in October, but that was more than the eight days seen in September and 16 days in October 2024. Rentals in Queens averaged 38 days on the market last month, up from 24 days a year ago.

Third-highest Manhattan median rent

In October, Manhattan median rent rose year over year to the third-highest on record, more than double the rate of inflation, wrote Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the report. It hit $4,600, an increase of 7.1 percent from a year ago.

Listings fell year over year for the fourth time, dropping 3.4 percent, as new lease signings saw a modest rise of 1.8 percent, the report said. The vacancy rate fell annually for the seventh time to 2.21 percent.

Brooklyn renters pay more for smaller spaces

Brooklyn’s median rent also rose annually to the third-highest on record, similarly outpacing inflation, the Elliman Report said. Median rent was $3,850, up 6.9 percent from a year ago.

New leases fell annually for the fourth time, dropping 10.3 percent and average apartment size slipped for the seventh time. Essentially, renters are paying more for smaller spaces.

Queens listings jump by 26 percent

In the northwest region of Queens covered by this report, median rent rose annually by more than twice the inflation rate, up 7.4 percent to $3,598.

New leases increased annually for the first time in four months, rising 3.7 percent. Listings jumped by 26.3 percent from last year.

‘Leasing activity below historical norms’

Corcoran also released Manhattan and Brooklyn rental reports for October. Gary Malin, COO at Corcoran, noted in his firm’s report that “Manhattan’s rental market remained challenging for apartment seekers in October.” While lease signing increased, “activity is still below historical norms due to limited apartment availability.”

Rents remain “near a record high, and all unit types posted year-over-year pricing gains for the 14th straight month. Inventory and visible vacancy stayed exceptionally low, while longer days on market suggests higher pricing is slowing turnover,” Malin said.

Brooklyn’s rental market was slightly more active, he said. Last month saw the highest number of October signed leases since back in 2022. “Softer prices following the peaks seen over the summer and only a slight dip in availability helped fuel tenant demand. Average days on market also climbed in Brooklyn,” he added.