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

Signed leases took a nosedive in Manhattan compared to last year and were down on a month over month basis. This was a bit unusual since August is normally a high activity month. 

Higher rents and lower levels of inventory were likely behind this steep decline, with inventory dropping by an eye popping 27%. The FARE Act contributed to this decline. But it’s unclear to what extent. The low level of signed leases may be a signal that more renters are choosing to stay put. And that lack of turnover may also be keeping properties off the market. 

Brooklyn was a somewhat different story. Signed leases were down slightly compared to last year. But they were up quite a bit compared to July which is what we would expect for this time of year. Prices were up also, but more modestly compared to Manhattan. 

Inventory saw only modest declines compared to Manhattan. Brooklyn has a solid amount of new development inventory that has recently hit the market and is continuing to be rolled out. So the borough has a bit of a buffer compared to Manhattan. But the higher rate of signed leases may also be a signal that there’s more willingness to move among renters in the borough. 

What’s Next? 

We’re likely to see more of the same in terms of market activity. And Manhattan might actually potentially get a little bit worse. There isn’t anything in the pipeline in terms of development that could really help the inventory situation. The FARE Act is likely also having an impact, since  some landlords may be holding inventory back as they see how things shake out. But more clarity has been emerging around that, so hopefully we’ll see some of that inventory come back on. 

What to Expect as a Renter

Manhattan renters are going to continue to have it really hard. Renters hunting in Brooklyn are likely to have an easier time. But only relatively speaking. There’s still going to be plenty of competition. Preparation is always key. 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 August 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!