Here’s a quick snapshot of the NYC rental market for June 2025, with a focus on Manhattan and Brooklyn. You can view stats from the previous month here.

Note that the areas for “best deals” are determined by a combination of vacancy rates and/or areas with price declines (or lowest price increases, in the event of a rising market) across the most categories of apartment types. Keep in mind that “best deals” doesn’t necessarily mean “cheapest.” It just means places where you’re more likely to have some bargaining power and/or more options.  

Summary

Leasing activity was up in Manhattan, which was in line with seasonal expectations. And prices moved up again as well – up 5% compared to last year. 

Listing inventory, on the other hand, tumbled compared to June 2024. This was likely due to the FARE Act going into effect which resulted in a number of listings being pulled for noncompliance. But it’s worth noting that inventory had been flat the prior two months, and listing levels remained in line with that. 

In Brooklyn, leasing activity skyrocketed. Signed leases were up by double digits on both an annual and monthly basis. In fact, this was one of the highest levels for June in over four years. 

And although listing inventory was lower compared to June 2024, this was a relatively modest decline compared to Manhattan. And unlike Manhattan, prices actually decreased compared to both last month and last year. 

What’s Next? 

Let’s talk briefly about the FARE Act now that it’s in effect. I’m of the opinion that it’s too early to draw any meaningful conclusions about its impact. Anytime new rules like this come along, there’s always an adjustment period. And during that adjustment period, there’s other confounding factors which make it tricky to determine causality. I personally think we need at least 2 quarters before we can start seeing real patterns. 

Now shifting back to what might be next for the rental market. 

Manhattan performed a bit better than I thought it might for the month of June. But I’m still pessimistic for renters. Inventory is low and prices keep going up. So I think it’s going to remain really tough out there. 

Brooklyn renters will have an “easier” time of things, relatively speaking. More of the new developments in Gowanus are coming online, and that’s likely to have an impact on prices in the surrounding areas. And we’re likely to see that reflected market wide just due to the sheer number of units. This doesn’t mean renters will have any kind of advantage in the borough. Quite to the contrary – it’ll still be tough. But not as tough as in Manhattan. 

What to Expect as a Renter

This market is going to continue to be difficult, especially in Manhattan. Preparation is key, especially these days! Here’s a video reminder of what you need in order to put your best foot forward  – NYC Apartment Hunting Tips – The Key to Getting An Application in FAST. 

To get the full NYC Rental Market Update for June 2025, click here. 

And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!