August 10, 2025
There’s no sugarcoating it — summer 2025 has brought one of the most competitive rental seasons New York City has seen in years. For many renters, it’s starting to feel like home-hunting has become a second full-time job.
This summer, the median rent for a one-bedroom in Manhattan hit an all-time high of $4,625. And this isn’t just a Manhattan problem — Brooklyn and Queens aren’t far behind, with Brooklyn tenants facing bidding wars nearly 32% of the time. Yes, bidding wars — in the rental market.
What’s behind this chaos? A few things:
First, skittish buyers. With mortgage rates still hovering uncomfortably high, many would-be homeowners are sitting on the sidelines and renting instead, adding more pressure to an already strained rental market.
Then came the FARE Act. Designed to shift broker fees from renters to landlords, many landlords responded by simply raising rents to offset their own costs. Others pulled their listings from public sites altogether, driving inventory down and competition up. In June alone, Manhattan rental inventory dropped by 12.4%.
I’ve seen this play out firsthand. Clients are showing up to open houses and handing over applications on the spot — some even offering over asking price before they’ve seen the entire unit. Flexibility, quick decision-making, and a healthy rental budget are no longer optional — they’re requirements.
Still, renters can win — but it often means hiring a professional, expanding your search outside Manhattan, and staying open-minded. As one client learned, saying yes to a rent-stabilized unit mid-renovation on the Upper East Side paid off big.
Another landed her dream apartment in Kips Bay by acting fast and bidding $100 over asking. In both cases, they ended up in spaces they love — but not without effort, persistence, and compromise.
For renters navigating this market, here’s the takeaway: be ready to act fast, get creative, and don’t hesitate to call in expert help. The rental market is moving fast, and standing still means missing out.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
