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New York market rental trends report

Relocity April 16, 2025

Rental Trends

2:59

Manhattan

Over the past six months, Manhattan's median rent has experienced fluctuations, with a notable increase in February 2025, reaching a record high of $4,500. This upward trend is largely attributed to a significant decrease in available listings, which dropped by 32% year-over-year in January 2025, leading to intensified competition among renters. As of February 2025, the median rent in Manhattan stands at $4,500.

Brooklyn

Over the past 3–6 months, Brooklyn has seen modest fluctuations in rent prices, with some unit types rising slightly while others have dipped or plateaued. While studios and 1-bedrooms experienced a small uptick, larger units like 2- and 3-bedrooms have seen more mixed trends depending on the neighborhood. These changes appear to be driven by a combination of seasonal demand shifts, continued development in high-growth areas like Downtown Brooklyn and Williamsburg, and growing tenant sensitivity to high rent levels. Concessions and increased inventory in some submarkets may also be tempering price growth. As of Q1 2025, the current median rent across all unit types in Brooklyn is approximately $4,225.

Queens

Over the past 3–6 months, rent prices in Queens have experienced a notable decline across all unit types, reversing the steady increases seen in late 2024. Average rents for studios, one-bedrooms, and larger units have dropped between 9% and 20% since the previous quarter. This shift is likely due to seasonal market cooling, increased rental inventory, and tenant pushback following last year’s peak prices. Some landlords have also begun offering concessions to fill vacancies more quickly. As of Q1 2025, the median rent in Queens is approximately $2,770.