Manhattan Median Rent hit $ 4,700 in July, the fifth record in six months

Every month, the rental prices for new rental contracts in New York City establish new annual records or come close to new records, which reflect a very competitive rental market.

In Manhattan, the median rent rose to a new high for the fifth time in six months, according to the latest edition of the Elliman report For the rental markets in Manhattan, Brooklyn and Queens. July saw the median rent of Manhattan $ 4,700, an increase of 9.3 percent compared to a year ago, according to the report.

The share of bidding homes for Manhattan’s rental homes reached a record high of 28.9 percent, “the highest since recording started in February 2021,” said Jonathan Miller, president and CEO of the assessment company Miller Samuel and author of the report.

The number of lease contracts signed in Manhattan last month fell somewhat by 1.7 percent annually and the offers fell half a percentage point compared to the previous year.

In Brooklyn, the median rent rose to the second highest on record: 6.9 percent climb to $ 3,850.

The number of new signed lease contracts fell by 3.5 percent and the list fell by 6.8 percent compared to July 2024.

For Queens, the Median Rent has made great annual profit every month this year, according to the Elliman report. The median rent rose by 8.7 percent last month to $ 3,750 compared to a year ago – only $ 100 less than Brooklyn.

New lease signing sessions increased for the third time in four months annually: the number of new signed lease contracts fell by 6.9 percent. The mention of the inventory has risen year after year for 18 months and increased by 10.4 percent in July, according to the report.

TariefAct influences the pricing

Corcoran also released the rental market reports in July for Manhattan And Brooklyn.

Gary Malin, Corcoran’s COO, noted that the new brokerage costs law influences the market.

“The recent tariff law has already influenced the landlord’s price and marketing strategies, while it adds a new low complexity to a fast-moving market, especially when you take that considerable number of apartments into account, but not publicly advertised,” said Malin. “Today’s tenants are confronted with a landscape where speed, flexibility and informed decision -making are more critical than ever.”

NYC neighborhoods with the largest increase in the rental stock

Source: Streeteasy

Where tenants can find the most options

Streetesy has also been released Mark report from July, This emphasizes the 10 neighborhoods where the rental stock has grown the most since last year.

City -wide rental stock rose by more than double the historical pace from June to July, but falls by 7.7 percent on an annual basis. The decrease in the city is largely because of Manhattan, who saw the 16th consecutive month of inventory decrease.