New York City rent growth in 2024 is pacing below last year. Rents have increased in the last 3-6 months, which is usual as we lead into the summer months. Rents rose 7.7%, which is a slower rate of growth compared to what the city was experiencing at this point last year. Vacancy remains at its lowest level since May 2022, but the market is still competitive. The overall median rent in the city stands at $3,600.

Manhattan

Rents have increased consistently in Manahattan in the last 3-6 months, except for 3-bed apartments, where we have seen a small dip. Though summer surging is still in effect, this is likely to do with demand and there being more vacancy for 3-beds right now. The median rent in Manhattan for a 1-bed is $4,550.

Brooklyn

Soaring rents reflect heated competition among renters for limited inventory in Brooklyn. Prices have increased steadily in the last 3-6 months, but housing inventory is also increasing with new construction, so we hope to see it stabilize. Half the neighborhoods seeing the largest increases in the number of rentals on the market are in Brooklyn. The median rent for all bedroom counts and property types in Brooklyn, NY is $3,920.

Apartment Options

10 Hanover Square

• Studio
• Sq Ft: 560
• Rent: $3,464

The Helena

• 1 br/1 ba
• Sq Ft: 600
• Rent: $4,250

The Brooklyner

• 2 br/2 ba
• Sq Ft: 1,117
• Rent: $6,677

1998 2nd Ave

• 3 br/2 ba
• Sq Ft: Not listed
• Rent: $6,195