The overview of New York City’s rental market in October
In Manhattan, median rent remained the second-highest on record.
Prices for studios, one-, two-, and three- or more bedrooms all reached new highs, and listing inventory has been falling year-over-year each month since July 2025.
Supply has constrained new lease signings, which have fallen annually since March 2026.
Nearly one out of five apartments rented above the landlord’s asking price. Luxury inventory is falling like the overall market, as median price showed stability.
In Brooklyn, median rent hasn’t experienced an annual decline in more than two years.
The rate of year-over-year inventory declines continued to expand significantly. Despite the decline in supply, new lease signings rose annually for the first time since June 2025
Luxury median price rose annually at a slower rate than the remainder of the market. The bidding war market share was half the share of the same period last year.
In Northwest Queens, median rental price has been rising annually for more than two years.
Listing inventory declined annually at a larger rate than new lease signings. Days on market fell by more than half over the past year.
Brooklyn
Brooklyn median rent continued its long upward trend, as shown by the monthly change, which hasn’t declined in more than two years. Listing inventory continued to decline significantly, restraining the number of new lease signings.
NW Queens
All price trend indicators continued to see annual gains but remained short of new highs. The market share of bidding wars fell by nearly half, while listing inventory fell faster than lease signings. In other words, the market remains very tight.
Final Thoughts
Across Manhattan, Brooklyn, and Northwest Queens, falling inventory is the common thread. Rents are at or near record levels, and turnover continues to slow as higher mortgage rates keep renters in place. Until more units come to market, renters have little leverage.
Elevated mortgage rates keep rental listing inventory low and rental prices high.
The Actual Final Thought – “We’ll keep renting.”
