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New York City rents reached new heights in July 2025, with Manhattan hitting a record median rent of $4,700—the fifth time in six months that a record has been set.  While rents are climbing, activity levels are showing signs of cooling, with Manhattan lease signings down 1.7 percent year-over-year and inventory dipping slightly.  Brooklyn recorded a median of $3,850, up nearly 7 percent from last year, as both leases and listings fell compared to July 2024.  Queens posts the strongest annual growth, with median rent rising almost 9 percent to $3,750, just $100 shy of Brooklyn’s level despite lease signings dropping nearly 7 percent.

Across the city, rental inventory grew between June and July at more than twice the usual seasonal pace, though overall supply remains tight compared to last year, down 7.7 percent. Manhattan in particular has seen 16 consecutive months of declining inventory.  Some neighborhoods report sharp increases in both supply and asking rents: Gowanus surged with a 392 percent increase in listings and average asking rents of $4,875, while Inwood experienced a 91 percent boost in listings along with a 43 percent jump in asking rents to $3,153.

The recently enacted FARE Act, which changes how broker fees are handled, has already influenced the rental market.  Some landlords are holding back listings or adjusting how they advertise apartments (hidden fees, etc.), complicating the search for renters.  Overall, while rising rents underscore demand pressures, falling lease activity and uneven inventory shifts suggest the market is only going to continue to tighten in complex ways.

Jennifer White Karp reports that Manhattan median rent hit $4,700 in July, the fifth record in six months, Brick Underground (Aug. 14, 2025).