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

Summary

The Manhattan rental market remained under pressure due to declining inventory. Listings were down by double digits compared to the prior year and down slightly compared to July. The month over month decline was surprising as August is usually a higher inventory month due to lease turnover. 

Rents continued their rise on an annual basis but finally took a breather compared to the record high reached in July. But they were high enough to finally throw cold water on leasing activity. New leases were down by year over year and month over month. 

After months of staying net positive, Brooklyn’s rental inventory finally saw a substantial contraction. Listings plummeted both year over year and month over month to some of the lowest levels since 2022. 

The decline was likely caused by a combination of renters choosing to stay put in the face of higher rents (which set a record in August) plus more of the new development inventory finally being fully absorbed. 

The decline in listings plus higher prices likewise slowed down leasing activity in the borough, at least on an annual basis. Brooklyn did see a modest increase compared to July for new leases. 

What’s Next?

September is likely to be a very difficult month for renters in both boroughs. It’s a popular month for new hires to get new leases signed, so the city tends to see an influx of new rental competition. And now that inventory is finally starting to decline in Brooklyn, things are going to prove tougher for more people. And as prices go higher, more renters are going to choose to stay put, exacerbating the already limited supply. 

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 August 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!