Manhattan has rejoined the top competitive markets for the first time since the pandemic, while Brooklyn continues to have a strong presence in the rankings. At the same time, North Jersey has emerged as the most competitive market in the Northeast, ranking 3rd nationwide, according to the latest Competitivity Report from RentCafe. 

North Jersey, spanning areas like Jersey City and Newark, faces an undersupply issue, with 71.4% of lease renewals pushing the occupancy rate to 96.3%. Brooklyn, with insufficient new apartments, has a peak-season occupancy rate of 96.1%, with nine renters per vacant unit.  

In Manhattan, 66% of renewed leases result in an occupancy rate of 94.7%, with nine renters competing for each available unit. Manhattan’s economic revival and returning office workers are set to intensify rental competition in the coming months.