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New York market rental trends report

Relocity November 01, 2025

Rental Trends

3:34

Manhattan

Over the past 3–6 months, rent levels in Manhattan have continued trending upward, with the pace of increases most pronounced in 2- and 3-bedroom units, while studios and 1-bedrooms have also nudged upward but with more stability. These gains are being fueled by tight supply, low vacancy, fewer concessions from landlords, and strong competition from renters priced out in outer boroughs. Rising interest rates, mortgage pressures, and regulatory shifts (e.g. broker-fee changes) are also putting upward pressure on rentals as homeownership becomes less accessible. The current median rent in Manhattan is approximately $4,600/month.

Brooklyn

Over the past 3–6 months, Brooklyn has experienced moderate rental price growth with some unit types showing resilience while others have seen more mixed performance, reflecting a market adapting to increased inventory and changing renter preferences. The market has seen modest increases in studios and larger units, while one and two-bedroom apartments have experienced more varied trends depending on neighborhood and building amenities. These changes are being driven by a significant increase in new construction, particularly in neighborhoods like Downtown Brooklyn, DUMBO, and Williamsburg, combined with continued strong demand from renters seeking alternatives to Manhattan's higher prices. Despite increased inventory, competition remains robust with bidding wars occurring on approximately one-third of new leases, though the expanded supply is providing more options for renters across different price points. The current median rent across all unit types in Brooklyn is approximately $4,175.

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Queens

Over the past 3–6 months, rents in Queens have generally drifted upward, with modest but steady increases in many unit types, though some segments (notably 2-bedrooms) have shown slight softness in certain months. The pace of gains is more muted than in Manhattan or Brooklyn, but the trend remains upward overall. These changes have been driven by tightening inventory, incremental demand from renters priced out elsewhere, fewer landlord concessions, and selective new development activity in neighborhoods like NW Queens and Astoria. Some micro-areas are seeing sharper jumps (for example, NW Queens one-bedrooms) amid stronger demand and limited supply. The current median rent in Queens (across all unit types) is approximately $3,488/month