Manhattan rent hits record high above $5,000 per month
Manhattan's rental market reached a record high in April 2026, with median rents surpassing $5,000 for the first time. The vacancy rate fell to 1.55%, indicating strong demand and competition among renters. In contrast, Brooklyn's rental market showed signs of balance with a median rent of $4,110, down from previous highs.
- ▪Manhattan's median rent hit $5,099 in April 2026, a 6% increase from the previous year.
- ▪The vacancy rate in Manhattan dropped to 1.55%, reflecting heightened demand.
- ▪Brooklyn's median rent decreased to $4,110 as inventory rose by 16% from the previous month.
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An apartment building stands in the East Village neighborhood in New York City on May 11, 2026. SPENCER PLATT / AFP Apartment rentals in New York's Manhattan borough topped $5,000 a month for the first time in April as vacancy rates tumbled to six-year lows, according to US real estate firm Corcoran. "Manhattan's rental market surged in April 2026, as a sharp rise in demand collided with increasingly constrained supply," Corcoran Chief Operating Officer Gary Malin said in a May 15 blog post. The median rent last month in the borough was $5,099, up 6% from a year ago.
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