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

Last month’s predictions turned out to be true for the rental market. 

Deal activity in Manhattan was level with what we saw in September 2024, and rents notched just a slight increase compared to the prior month.  But the rest of these figures were not very positive. Signed leases tumbled by double digits compared to the prior month, and rents were up by 8% year over year. 

But the real surprise here was inventory. It was down a shocking 20% compared to last year. This put the vacancy rate at one of the lowest levels we’ve seen in four years. That’s an even tougher market than the wild one we saw in 2021. 

In Brooklyn, the situation wasn’t “great” or even “good” for renters. But it was a lot better than Manhattan. 

Lease signings were down in the borough compared to August. But they were up quite a bit compared to last year. In fact, this was one of the strongest Septembers for lease signings that we’ve seen in the borough in the last four years. 

Prices were up annually but declined compared to the prior month. Again, not really good news here for renters. But these increases were far more modest than what Manhattan was experiencing. And also unlike Manhattan, inventory levels remained at healthier levels thanks to the new development inventory that’s been coming onto the market. 

What’s Next?

There will likely be more of the same for Manhattan. It’s going to be a challenge for renters, especially since fall and the subsequent months tend to be lower inventory months. But there’s an outside chance of improvement. Fewer lease turnovers may mean less competition. So that could make things less bad for renters. But landing a new rental is still going to be quite difficult. 

Meanwhile, Brooklyn is likely to just keep humming along with modest rent increases and decent leasing activity. We’re likely to see month over month declines due to seasonality. But annual stats should be relatively steady. 

What to Expect as a Renter

Manhattan renters are going to continue to have a very tough time. Renters in Brooklyn are likely to have a somewhat easier time, but there’s still going to be plenty of competition. Preparation is always a must. 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 September 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!