“In Manhattan, rents hit another historic high in July 2024 – a median of $4,670 per month. As is typical over the course of the summer, inventory also rose as some landlords arrange existing leases to expire during the season to capitalize on increased demand. July saw a 21% increase in the number of apartments on the market compared to a year ago, meaning apartment seekers had more options to choose from. Although rental activity increased in July compared to June, it was still down 9% on an annual basis. This is an indicator that this summer – so far – has not been as hectic as recent years.

In Brooklyn, the median rent in July 2024 was $4,000 per month, down 2% from June but up 2% from a year earlier. There were 24% more apartments on the rental market in July than in July 2023 — in line with conditions across the East River. In fact, the number of available apartments in Brooklyn exceeded 5,000 for the first time in three years. However, leasing activity in the borough has been strong. Last month was the busiest July in terms of signed leases in Brooklyn since 2021.

While current rents are definitely a “pain point” for many renters, there is significant activity in both districts. Renters may see some relief in the fall as seasonal demand subsides, but for now the market appears to have reached a precarious equilibrium.”

– Gary Malin, Managing Director, The Corcoran Group