Rents in Manhattan and Brooklyn reportedly soared to an all-time high last month.
The median rent in Manhattan rose to $5,000 a month in February and in Brooklyn it jumped to $4,296, according to the 2026 NYC Rental Market Report released by the Corcoran Group.This legendary line from the 2010 New York Governor's Race never gets old, not just because it's hilarious, but 16 years later, it's still true.
"I think more of my friends are looking into buying now because it's actually just for owning. It's just more affordable in some ways to have a lower mortgage monthly payment than to pay what it is here to rent," one Williamsburg resident said. "I certainly wouldn't be able to afford it. The apartment that I'm in, it's a two-bedroom apartment. And we rent stabilization. It's one price, but the apartment above me say is a regular, market rate. You talking $5000. How do people do it?" Dennis McDermot said."This is becoming this sort of, you know, vicious cycle. You know, affordability is being challenged not only by higher mortgage rates on the purchase market, but rising prices in the rental market. And because New York City is predominantly rental, it really impacts the market as a whole," Miller said. Renters, according to the report, are flocking to Gowanus, Red Hook and Carroll Gardens in Brooklyn because the construction boom of new rental buildings."We actually just moved into our place at the end of June 2025. We had been in a walk up in Brooklyn for four years and rent wasn't increasing so much, so we stayed there longer than we probably should have. And then we moved into a luxury building at the end of June 2025, which was a big jump up in rent for sure," a Williamsburg renter said. The report indicates a decrease in rent in Brooklyn hotspots is down digits in South Williamsburg, Brooklyn Heights and Prospect Park South but those numbers are deceiving. "Some neighborhoods, we see a small drop, but that's not a function of softening rents. That's really just, what happens to be available that given month? That was rent it out. It is it is the long the longer term trend is just higher, a higher cost of rental in New York City," Miller said.Have a breaking news tip or an idea for a story we should cover? Send it to Eyewitness News using the form below. If attaching a video or photo,Nassau Co. superintendent delivers diploma to Alvaro Velasquez, who self-deported
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Austin rents dropped over 7% since last year, but families on tighter budgets are still strugglingData revealed Austin's monthly rent has dropped more than 7% year-over-year and significantly decreased since its peak in Sept. 2022.
Read more »
Fashion’s New Book Club: Models, Actors, Writers, and Dancers Read Their Way Through ManhattanLiterature meets fashion as Sarah Jessica Parker, the cast of The Outsiders, and a well-read ensemble move through the city.
Read more »
Manhattan shoplifting suspect dies after medical emergency in police custody while being booked: sources |An alleged shoplifter in Manhattan died on Sunday after suffering an apparent medical emergency while in custody, police announced on Monday afternoon.
Read more »
Heidi Klum Brightens Gloomy Manhattan Morning in Candy-red Louboutins'Project Runway' star Heidi Klum styled the candy-red Christian Louboutin Pigalle Follies pumps with a matching trenchcoat in Manhattan on Monday.
Read more »
NJ man indicted in Manhattan for scamming food truck vendors out of $50,000Manhattan DA Alvin Bragg announced the indictment of Mohamed Orabi for allegedly stealing more than $50,000 from food truck vendors.
Read more »
'Rent is rigged': Group tells state lawmakers to fix Arizona's skyrocketing rentsManuelita Beck is a journalist with nearly two decades of experience in digital transformation, editing, and multimedia production.
Read more »