Here’s a quick snapshot of the NYC rental market for July 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

Manhattan leasing activity took a surprising tumble on both a monthly and annual basis. July is normally peak rental activity, so a drop this time of year was highly unusual. 

The cause? Prices and inventory. 

Inventory in Manhattan had a huge slide – 21% – compared to last year (likely still due to the FARE Act). And this caused demand for existing rentals to heighten which pushed up prices. And higher prices often result in many renters opting to stay put rather than taking their chances on finding a new rental. Hence, the lower level of leasing activity that was seen for the month. 

Brooklyn saw a similar story play out. Signed leases slid by double digits both month over month and year over year for the borough. And for the same reasons that caused Manhattan’s slide – prices and inventory. 

However, compared to Manhattan, Brooklyn had relatively robust inventory thanks to all the new rentals coming online in Downtown Brooklyn and Gowanus. And while prices didn’t decline very much, the small decrease was likely welcome news for renters and quite different from the seemingly relentless increases seen in Manhattan. 

What’s Next? 

We’re likely to see more of the same for the month of August. Lease signings will probably  continue to decline on an annual basis in both Manhattan and Brooklyn. But we could see a bit of a turnaround in August, particularly in Brooklyn. Brand new rentals tend to come with incentives and that may motivate some prospective renters. Additionally, August is a popular time for new hires and new arrivals to NYC to start leases. 

I’m continuing to not take any position on the impact of the FARE Act at the moment – other than it being behind the huge inventory decrease we saw in Manhattan as noted earlier. A number of those listings may finally come back in August, once landlords decide how to approach broker’s fees. But other than that, I think we need more months of data before we can draw any solid conclusions. 

What to Expect as a Renter

Manhattan renters are going to have it hardest – probably even harder than previous months. But things won’t be a cakewalk either for prospective Brooklyn renters. 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 July 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!