“In April, the median rent in Manhattan continued to break records — reaching a new all-time high of $4,595 per month. Due to these high costs, many of those who have the opportunity to re-sign a lease and stay put are doing so. This, in part, has kept the vacancy rate at the lowest level since May 2022. It’s also important to note that the number of leases signed reached the lowest level — for a month of April — since the market pause in 2020. We expect activity to pick up as summer begins, but it will be interesting to see how volume compares to past seasons.
In contrast, activity was strong across the East River. Despite rents near or at all-time highs in the borough as well, this was the strongest April for the Brooklyn rental market in three years. The number of reported signed leases increased 17% compared to March and 1% versus last April. Most renters remain price-sensitive and for some, Brooklyn offers a chance for more space, at a lower rent. It comes down to a tenant’s specific lifestyle needs. A great thing about New York is that it offers a wealth of diverse neighborhoods and property types. You can find it all here.”
– Gary Malin, Chief Operating Officer, The Corcoran Group
