Here’s a quick snapshot of the NYC rental market for July 2026, with a focus on Manhattan and Brooklyn. You can view stats from the previous month here. 

Summary

Rising prices didn’t dissuade renters from seeking out new leases. While signed leases were up only slightly compared to last year, they were up 10% compared to the prior month. This was in line with seasonality, since July is typically one of the peak months for rentals. 

Speaking of prices – they just kept on climbing, at least on a year over year basis. The median hit another record high, but it stayed about the same compared to the prior month. That was pretty cold comfort to current renters since the price levels were still just astounding. 

Meanwhile, inventory continued to plummet. Listings were down a whopping 22% compared to last year. And they were down slightly compared to June. More and more renters are deciding to stay in place and accept rent increases rather than face a super competitive and expensive market. And strong leasing activity meant more listings got snatched off the market much faster than new ones could come on. 

Leasing activity in Brooklyn wasn’t quite as strong as in Manhattan. The borough actually posted a slight decline compared to the prior month, which was surprising because, again, July is supposed to be a peak leasing month. But this doesn’t mean this was a “weak” rental month. It just wasn’t one that was remarkable compared to June or the prior year. 

In some good news for renters, the median rent bumped along the same level. They ticked down slightly compared to June (another surprise) and were up just a bit compared to last year. Rents were still at record highs, so I’m not saying this is something to be all that happy about. But with such a tough rental market, renters will likely take any good news they can get. 

Listings inventory saw a sharp decline compared to last year. Not quite as steep as Manhattan, but quite notable. A lot of new development inventory probably kept this from being worse. Listings did manage to post the tiniest gain compared to the prior month. Again, I think we can attribute that mostly to new development. 

What’s Next?

I think August is going to be more of the same. The inventory situation in Manhattan is not improving and may actually get worse since August is another one of the peak rental months. And despite record high prices, there’s still a number of potential renters who aren’t yet deterred from seeking out new digs. Brooklyn’s inventory and prices are probably both going to remain steady if current trends hold. So it’ll still be extremely competitive, but maybe not quite as bonkers as Manhattan. 

What to Expect as a Renter

This will continue to be one of the most competitive markets we’ve ever seen, especially in Manhattan. There’s no signs of any imminent relief in store for potential renters. Brooklyn renters will have a somewhat easier go of it, but, again, not by a lot. There may be more to choose from but a lot of it is concentrated in specific areas and in particular building types. If that’s not what you’re looking for, then prepare to deal with some very intense competition. 

As always, preparation is 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 July 2026, 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!