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New York market rental trends report

Relocity Updated on January 28, 2026

Rental Trends

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Manhattan

Over the past 3–6 months, Manhattan rents have continued to trend upward modestly, with average and median rents rising into late 2025 after stabilizing around record highs through the summer and fall. Average rents for studios and larger units have largely kept pace or set new pricing levels compared with mid-year figures, while median rents moved slightly higher month-to-month. This rise has been driven by tight inventory, limited available listings, and sustained demand for Manhattan housing despite broader economic pressures, keeping competition strong and vacancy low. The current median rent for Manhattan is approximately $6,361/month.

Brooklyn

Over the past 3–6 months, Brooklyn rents have moderated somewhat after climbing over much of 2025, with some neighborhoods showing slight softening in lease pricing while the overall borough average remains elevated. This change reflects the typical seasonal slowdown in fall/winter leasing activity combined with incremental increases in available inventory and rental days on market, which has given renters a touch more negotiating leverage. These trends have been occurring alongside year-over-year rent gains driven by sustained demand, limited supply, and notable increases in certain submarkets like Fort Greene and Crown Heights. The current median rent for Brooklyn is approximately $4,828/month.

Queens

Over the past 3–6 months, Queens rents have continued to trend upward, with average asking rents rising modestly as seasonal leasing activity remained strong through the late summer and fall. That growth has been fueled by high sustained demand across key neighborhoods and limited available inventory, particularly in LIC, Astoria, and Forest Hills. The current median rent for Queens is approximately $4,194/month.