The median rent in Manhattan also reached an all-time high of $5,395 — up 2% from August and 9% from a year earlier — as available apartments dwindled.
asserted
apartments → reach → 5,395
The borough had 5,015 active rental listings, down 16% annually and the fewest for any September since 2019.
asserted
borough → have → 2019
Inventory has now declined year-over-year for two straight years.
asserted
Inventory → decline → years
“Manhattan’s rental market remains defined by a lack of available apartments,” Gary Malin, chief operating officer of the Corcoran Group, said in a statement.
asserted
Malin → define → statement
“With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.”
asserted
competition → continue → borough
Larger apartments saw some of the steepest increases.
asserted
apartments → see → increases
Average rents for two- and three-bedroom units posted double-digit annual gains, with two-bedrooms reaching a record of nearly $8,500 a month.
asserted
bedrooms → post → 8,500
Even one-bedrooms, which recorded the smallest annual increase at 6%, averaged $5,436 — just $50 below their July peak.
asserted
which → record → peak
Manhattan’s vacancy rate stood at 1.54%, marking a fifth consecutive month around 1.5% — the longest stretch at that level in nearly six years.
But the squeeze isn’t translating into more signed leases.
asserted
squeeze → stand → leases
Manhattan recorded 3,841 new leases in September, down 19% from August and 5% from a year earlier.
asserted
Manhattan → record → September
Corcoran attributed the slowdown to scarce inventory and record rents discouraging tenants from moving.
asserted
Corcoran → attribute → tenants
Apartments also took longer to find tenants, averaging 48 days on the market, up 12% annually, as renters spent more time weighing their options.
asserted
renters → take → options
Across the East River, Brooklyn’s rental market bucked the usual seasonal slowdown.
asserted
market → buck → slowdown
The borough recorded 1,407 signed leases, up 10% annually and 3% from August.
asserted
borough → record → leases
Since Corcoran began tracking the market in 2019, September leasing had fallen from August every year, by an average of 24%.
asserted
leasing → begin → %
Two-bedrooms drove the increase, with 434 leases signed — up 21% from a year earlier.
asserted
leases → drive → increase
Studio signings were essentially flat at 248, but still marked the strongest September on record for that apartment type.
asserted
signings → mark → type
Brooklyn’s median rent eased to $4,300 from August’s record $4,368, though it remained 5% above its year-earlier level.
asserted
it → ease → level
Average rent rose 3% annually to $4,946.
asserted
rent → rise → 4,946
The modest monthly dip came alongside a sharp decline in available apartments.
asserted
dip → come → apartments
Brooklyn had 3,428 active listings, down 25% from a year earlier and 11% from August, marking its lowest September inventory since 2022.
asserted
Brooklyn → have → 2022
“These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough,” Malin said.
asserted
Malin → continue → borough
Brooklyn one-bedrooms averaged $4,218 a month, while studios cost $3,521 and two-bedrooms reached $5,708.
asserted
bedrooms → average → 5,708
Three-bedrooms were the only category cheaper than a year earlier, slipping 1% to $6,885.
asserted
bedrooms → slip → 6,885
Despite stronger leasing activity, Brooklyn apartments spent an average of 53 days on the market — 13 days longer than a year earlier — reflecting more listings that lingered before securing tenants.
asserted
that → spend → tenants
The Aporia
