Here’s a quick snapshot of the NYC rental market for November 2025, with a focus on Manhattan and Brooklyn. You can view stats from the prior report 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 in Manhattan posted a bit of a surprise. Although lease signings declined in line with seasonality compared to October, they were up by 20% compared to the prior year. 

The reason this was so surprising was due to what happened with rents and inventory during the month. While rents were almost level month over month, they skyrocketed 11% compared to last year. And inventory was not only down month over month (again, typical of seasonality) – it was down 9% year over year. 

Often, rising rents and decreasing inventory will translate to a lower level of signed leases, but not this time around. What’s the driving force behind this? It’s unclear. But I wouldn’t be surprised to find out it’s being driven by a persistently large gap between the cost of owning and renting for 2 and 3 bedrooms. 

Signed leases in Brooklyn likewise saw a big uptick compared to the prior year. But this was actually much less surprising compared to Manhattan. Although there was an increase in prices compared to last November, it was pretty modest. And prices posted a tiny decline compared to October. In general, rents were quite a bit better compared to the summer. 

Inventory declined in line with seasonality. But it was still up compared to last year and at a pretty solid level overall. So this combined with more moderation in prices likely made renters more game to head out in search of new digs. They had options and those options were potentially a better value for them. 

What’s Next?

We should see a continued slow down in activity as we turn the corner into the holiday season and winter. So month over month declines are to be expected. In Brooklyn, I think we may see a similar performance to November, given that there’s still a good number of new development rentals on the market in the borough. But Manhattan is a bit of a wildcard. I really did not expect leasing activity to be so strong year over year. So December might post another annual surprise. 

What to Expect as a Renter

Usually things tend to ease up in December in terms of competition for renters. But I’m not so sure that’s going to happen in Manhattan. So if you’re looking in that area, be prepared to have to go toe to toe with quite a few folks. 

As has been the case for a while, renters in Brooklyn are likely to have a somewhat easier time. But there’s still going to be some level 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 November 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!