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Manhattan apartment rents hit record high as inventory falls

July average rents rose to $6,655, while signed leases increased 3% year over year alongside a 22% drop in available inventory.

Reported · Written up by our desk · Residential

Manhattan apartment rents reached an all-time high in July, with average rents hitting $6,655, according to Corcoran Sunshine Marketing Group. Median rents held at June’s record level of $5,295, up 6% from a year ago.

Corcoran Group COO Gary Malin said the market is tightening as demand increases and supply declines, citing a 3% annual rise in signed leases and a 22% year-over-year inventory drop. He described the combination as creating pressure that leaves many would-be tenants competing for fewer available apartments.

The report also pointed to a less extreme but similar pattern in Brooklyn, where median rents slipped month over month to $4,257. Even there, inventory fell year over year while lease signings rose.

Malin added that New York’s appeal continues to draw renters, but policies that discouraged investment by owners and developers have contributed to rising rents and heightened competition.

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