Manhattan Rents Set New Record High as Median Tops $5,000
Manhattan renters are getting hit hard. The borough’s median rent reached $5,099 in April 2026, a new record according to Corcoran’s April 2026 Rental Market Report. That’s up 6% year over year and the first time the median has ever topped $5,000. With vacancy rates falling to their lowest level in over six years, relief still looks out of reach.
New leases jumped 21% from March and 12% from a year ago, making it the busiest April for Manhattan rentals since 2021. At the same time, inventory dropped to 4,766 active listings, down 25% year over year and the lowest in four years. The vacancy rate fell to 1.55%, a level last seen before the pandemic reshaped the housing market.
The pressure is broad across apartment types. One-bedrooms hit a record average of $5,228 per month, and two-bedrooms also set a record at $8,338. Three-bedroom units have now seen double-digit annual rent increases for seven straight months.
Brooklyn showed a different pattern. Leasing activity also reached its highest April level since 2021, with 1,472 leases signed, up 25% year over year. But the median rent of $4,110, while still high, was down 4% from February’s record $4,296, giving renters some breathing room. Active listings rose 16% from March, offering more choice, though inventory remains slightly below last year’s levels.
