Manhattan Apartment Rents Reach All-Time High as Inventory Hits Seven-Year Low

Manhattan apartment rents reached another all-time high in September 2026, rising 2% from August and 9% from a year ago to a median of $5,395 per month, the Corcoran Group reported Thursday. Average rents moved higher across every unit type, led by two- and three-bedrooms, which recorded double-digit annual gains.

September saw 5,015 active apartment listings across Manhattan, down 2% from August and 16% year-over-year. This extends a two-year streak of annual declines and marks the lowest September for rental listings since 2019, according to Corcoran Group’s latest NYC Residential Rental Market Report.

Fewer new leases were signed in September, suggesting that renters are taking time to evaluate their options. The vacancy rate barely moved at 1.5%. “With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough,” said Corcoran Group COO Gary Malin.

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