Brooklyn's rental housing market showed remarkable momentum in September. The number of newly concluded rental agreements increased by 10 per cent year-on-year. With 1,407 signed contracts, September marked the most active month for apartment rentals in Brooklyn since 2020, according to data from the Corcoran Group.
In contrast, September was more subdued for Manhattan. Apartment rental activity in this borough fell by 5 per cent year-on-year, with a total of 3,841 leases signed. Tenants in Manhattan continue to face a shortage of available flats, which makes the search difficult.
Supply Shortages and Rental Price Development
Gary Malin, Chief Operating Officer of the Corcoran Group, explained in the report that the number of available flats in Manhattan reached its lowest September level since 2019. The vacancy rate remained stable at around 1.5 per cent, highlighting the ongoing challenges for tenants. He noted that demand continues to outstrip supply, and competition remains intense across most of the borough.
Rental prices in both boroughs saw a year-on-year increase, based on Corcoran's data. In Brooklyn, rents rose by 5 per cent in September to an average of $4,300 per month. In Manhattan, the average rent even increased by 9 per cent year-on-year, reaching $5,395 per month.
The number of active listings in Brooklyn in September was 3,428. This represented an 11 per cent decrease compared to August 2026 and a 25 per cent year-on-year decline. Manhattan recorded 5,015 active listings, a 2 per cent decrease compared to August and 16 per cent compared to September 2025.
Drivers of Demand and Persistent Shortage
The increase in rental activity in Brooklyn in September was largely driven by the rental of two-bedroom flats. There was a 21 per cent year-on-year increase to 434 rental agreements, the highest September total since 2020. Studio apartments also saw their strongest September in this category with 248 completions, according to Corcoran.
Overall supply, however, remains a challenge across all five boroughs, especially in Manhattan. There, the vacancy rate of around 1.5 per cent over five months marked the longest period at this low level since 2020. Malin emphasised that Manhattan's rental market continues to be characterised by a shortage of available flats. These conditions continue to support prices and create increased pressure on tenants looking for new homes throughout the borough.
