The borough’s median monthly rent hit $5,099 in April 2026, a new all-time record, according to Corcoran’s April 2026 Rental Market Report.
That figure is up 6% from a year ago and marks the first time the median has ever cleared the $5,000 threshold. And with vacancy rates cratering to their lowest point in more than six years, relief is nowhere in sight.
New leases signed in April surged 21% from March and 12% from the prior year, making it the busiest April for Manhattan rentals since 2021. Meanwhile, available inventory shrank to just 4,766 active listings — down 25% year-over-year and the lowest count in four years.
The vacancy rate fell to 1.55%, a level last seen before the pandemic reshuffled the city’s housing dynamics.
The squeeze is hitting every apartment type. One-bedrooms set a new record at an average of $5,228 per month, as did two-bedrooms, which averaged $8,338. Three-bedroom apartments posted double-digit annual rent increases for the seventh straight month.
Gary Malin, Chief Operating Officer of The Corcoran Group says none of this is accidental. It is the product of years of policy choices compounding on each other.
“Manhattan’s rental market is a textbook example of what happens when well-intentioned policies meet economic reality,” Malin told The Post. “This is a simple equation. We have less housing supply coming online at a time when demand continues to grow. When that imbalance widens, prices rise. What this means for apartment seekers is increased competition for a shrinking pool of available apartments.”
The policy culprits, in Malin’s view, are numerous and overlapping. He points first to the 2019 rent law reforms, which he argues gutted landlords’ ability to recoup renovation costs on existing apartments, leaving thousands of units sitting empty because bringing them back online simply doesn’t pencil out financially.
“In my opinion, that’s not helping tenants, it’s reducing available inventory,” he said.
Hindrance-inducing legislation has also piled on. The Good Cause Eviction law, which caps how aggressively landlords can raise rents on existing tenants, and the FARE Act, which shifted brokerage fee obligations away from landlords, have together introduced new friction into the market. Malin argues the FARE Act in particular has backfired, with many landlords quietly folding those costs into asking rents rather than absorbing them.
The collapse of the 421-a tax abatement program, which had long incentivized new residential construction, without a fully functional replacement has further throttled the pipeline of new housing.
“Quite simply, we are not producing housing at the pace or scale the city needs,” Malin said.
Then there are the operating costs, which have climbed sharply across the board, driven by inflation, labor, insurance premiums and regulatory compliance.
“In today’s environment, that often means higher rents for market-rate tenants, as owners work to off-set reduced revenue elsewhere. Everything in this system is interconnected,” Malin said.
Malin wants city leadership to abandon policies that have chilled investment.
“The real estate community is often an easy target in this conversation, but the reality is we are essential partners in the solution,” he said. “As I like to say, if the goal is more affordable housing for New Yorkers, the city needs to make building and operating housing more affordable.”
Asked whether he sees any near-term ceiling on rents, Malin offered little comfort to apartment hunters.
“Until there is a shift toward policies that prioritize increasing supply and stimulating new construction, rather than restricting it, I don’t see a meaningful path to rents coming down,” he said. “This is not about choosing sides, it’s about acknowledging that the current approach is not delivering the intended results and then working collaboratively to fix it.”
Across the river, Brooklyn told a somewhat different story in April. Leasing activity there also hit its highest April pace since 2021, with 1,472 leases signed, up 25% from a year ago. But Brooklyn’s median rent of $4,110 — while still sky-high — represented a 4% retreat from February’s record high of $4,296, offering renters a degree of breathing room that their Manhattan counterparts simply do not have.
Active listings in Brooklyn rose 16% from March, giving shoppers more options even as inventory remained slightly below year-ago levels.
