M
anhattan has slipped into the nation’s top five most competitive rental markets for the first time, landing at No. 4 in RentCafe’s year‑end report. The borough saw a modest 0.84 % rise in available apartments, yet 66.3 % of residents stayed put, leaving only 4 % of units open for new tenants. Today, 11 renters vie for every vacant spot—up from eight in 2024—and leases close in just 36 days, four days faster than the previous year.

    Miami, the market leader, added 4.22 % more units. Its residents renewed 72.5 % of leases, pushing occupancy to 96.4 %. Vacant homes lingered 33 days before being taken.

    Brooklyn, ranked 21st, experienced a 5.09 % increase in inventory, with 68 % of renters renewing. The competition remains tight, with 11 applicants per available unit. Queens, not in the top 29, added 3.14 % more apartments. Here, 62 % of tenants renewed, achieving nearly 95 % occupancy, and each vacant unit attracted 10 applicants—up from six in 2024.

    Longevity varies by borough: Brooklyn residents stay an average of 52 months, Queens 41 months, and Manhattan 37 months.