April 27, 2025
If you’re looking for a rental in Manhattan, brace yourself — prices are still sky-high and competition remains brutal.
Despite a jump in new listings this March, median effective rent in Manhattan held steady at $4,471, tying the highest on record. Even with a small drop in the median rent to $4,495, renters aren’t seeing much relief because concessions and discounts have basically dried up.
Typically, the market doesn’t heat up until late spring, but this year, things picked up much earlier. New lease signings were up — an unusual trend for March — showing that renters aren’t waiting around. In fact, landlords are barely offering any flexibility, and most are pushing for immediate move-ins.
Across the boroughs, the story is the same. Brooklyn saw another bump in rental price per square foot, now hitting a record for the third straight month. Queens reported its 18th consecutive annual increase in lease signings.
In many parts of the city, renters are still getting into bidding wars. In Brooklyn, one in three renters paid over asking. In Manhattan and parts of Queens, one in five leases were signed above list price.
Even though listing inventory in Manhattan rose 23% year-over-year, vacancy rates didn’t budge. While days on market increased slightly, from 27 days in February to 42 in March, the best listings are still getting snapped up fast.
Not all inventory is created equal — and the apartments that are actually worth renting are disappearing as quickly as they hit the market.
With interest rates keeping many buyers on the sidelines, the rental market is absorbing that extra demand. More people are choosing to rent instead of buy, and that’s adding even more pressure to an already tight market.
Bottom line? In today’s NYC market, hesitation equals lost opportunities. If you see something good, move fast — or you’ll likely miss out.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
