Manhattan’s monthly rent reached an all-time high of $5,295 in June, as tenants struggle with affordability but demand stays high.
Despite Mayor Zohran Mamdani’s efforts to improve housing affordability for residents, rent prices in New York City continue rising, with Manhattan reaching an all-time high of $5,295 a month in June, according to the latest data by real estate company The Corcoran Group.
It is a record for the most famous borough in the Big Apple, beating the former all-time high of $4,995 reached in November, according to Corcoran, when the young Democratic socialist was elected for the city’s top job. But the problem goes beyond Manhattan. In Brooklyn, the median rent also jumped 8 percent year-over-year, the same as in Manhattan, reaching the borough’s all-time high of $4,350 a month.
The previous record had just been set in May, when rent reached $4,347 a month. New York City Comptroller Mark D. Levine commented on the data, saying on social media that the city’s housing affordability crisis has now reached “DefCon 1”—what in the U.S. Armed Forces would be the highest and most severe state of alert. There is one simple reason why rent is still on the rise in New York City: demand is high and supply cannot keep up.
In Manhattan and Brooklyn, according to Corcoran, apartments spent a relatively short amount of time on the market before being rented, a sign that competition is high. There were 5,260 active listings across Manhattan in June, up 6 percent from May but down 16 percent year-over-year. This lack of inventory is probably behind units’ fast turnaround on the market, where they spent an average of 36 days in June before finding a tenant, down 29 percent from a year earlier.
In Brooklyn, there were 4,473 active listings in June, up 4 percent from a month earlier but down 0.4 percent from a year earlier. The average Brooklyn rental spent 37 days on the market in June, only one day more than in Manhattan and 30 percent less than a year earlier.
“The steep annual decline underscores how tight the market has become, with flat inventory and strong demand pulling available units off the market far faster than a year ago,” Corcoran wrote in its update. New York City topped Apartments.com’s list of the most expensive cities for renters in the U.S. last month, with an estimated average monthly rent of $4,107. It was followed by San Francisco at $3,322, Jersey City, New Jersey, at $3,229, and Sunnyvale, California, at $2,998.
These top five cities show how major coastal metropolitan areas with thriving job markets, often focused on the tech sector, continue being particularly costly for tenants, especially when they are in states with relatively strict regulations impeding or slowing new construction.
These were the most expensive rental markets in the country in June, according to a combination of data from Apartments.com and Corcoran:Brooklyn, New York: $4,350 ; $3,050 Hoboken, New Jersey: $3,843 Queens, New York: $3,588 Jersey City, New Jersey: $3,281 San Jose, California: $2,816 This has massive consequences for America’s renters, especially as they try to approach an increasingly unaffordable housing market and the homeownership goalpost is moved ever further out of reach.
According to an analysis by Harvard University’s Joint Center for Housing Studies, 22.7 million renter households spent more than 30 percent of their income on rent and utilities in 2024, meaning that 49 percent of all renters were cost-burdened. According to Levine, the solution to New York City’s housing affordability crisis is to “update zoning, invest more City $ in affordable units, lower the time & cost City bureaucracy imposes on construction, get 1000s of vacant regulated units back on the market,” as heNew York City built more new apartments last year than it had in 60 years, according to The Wall Street Journal, adding 38,682 units to its stock in 2025—the biggest single-year increase since 1965.
But the city still faces a 400,000-unit affordable housing gap, according to Zillow, if it hopes to relieve its unmet demand. Even at last year’s unprecedented pace of construction, it would take 10 years to close the deficit.
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