M
anhattan's rental market is one of the most competitive in the country, ranking fifth nationwide. The city's high demand and low vacancy rates make it a challenging environment for renters. According to recent data, Manhattan's median rent reached a record high in June, with 25% of rentals experiencing bidding wars.

    The competition for apartments is intense, with 11 renters vying for each open unit in the first quarter of 2025. This has led to vacant apartments being rented out five days faster than last year, resulting in an average rental period of just 45 days. The high-pressure environment is driving up median rents, which have repeatedly reached record highs this year.

    While Manhattan's rental market is particularly competitive, it's not the only city facing challenges. Miami renters are experiencing even greater competition, with an occupancy rate of 96.6% and 21 prospective renters per unit in the first quarter of 2025. Suburban Chicago and Broward County, Florida also rank high on the list of most competitive rental markets.

    The trend of renting over buying is becoming more popular due to high mortgage rates and economic uncertainty. "With high mortgage rates and economic uncertainty, renting is looking more attractive than buying for many people right now," said Doug Ressler, manager of business intelligence at Yardi Matrix.