- Brooklyn apartment leasing rose 10% year over year in September to 1,407 leases, its strongest September since 2020, while Manhattan leasing fell 5% to 3,841, per Corcoran Group data.
- Two-bedroom leases jumped 21% to 434, the highest September total since 2020, and 248 studio leases marked the strongest September on record, while rents rose 5% in Brooklyn and 9% in Manhattan.
- Active listings fell 25% in Brooklyn and 16% in Manhattan from a year earlier, and Manhattan vacancy near 1.5% for five months keeps pricing power with landlords.
Brooklyn apartment leasing hit its strongest September since 2020, with 1,407 leases signed, up 10% year over year, according to Corcoran Group data reported by Commercial Observer.
Manhattan moved the other way. Its leases fell 5% from a year earlier to 3,841, per the same Corcoran data.
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Studios and Two-Bedrooms Lead
Two-bedroom apartments drove Brooklyn’s gain, with leases reaching 434, up 21% from a year earlier and the best September count since 2020, per Corcoran.
Studios set a record September high with 248 leases, Commercial Observer reported.
Rents Climb in Both Boroughs
Brooklyn’s average rent rose 5% year over year to $4,300 a month in September, according to Corcoran. Manhattan’s average jumped 9% to $5,395.
That puts the Manhattan premium at about $1,100 a month, based on the two Corcoran averages.
Inventory Stays Thin
Brooklyn had 3,428 active listings in September, down 11% from August and 25% from a year earlier. Manhattan had 5,015, down 2% from August and 16% from September 2025, per Corcoran data cited by Commercial Observer.
Gary Malin, chief operating officer at Corcoran, wrote in the report that available Manhattan apartments reached their thinnest September inventory since 2019, with vacancy near 1.5%. He wrote that demand keeps outrunning supply, so competition is fierce across most of the borough.
Corcoran noted that Manhattan’s five-month stretch of vacancy around 1.5% is its longest at that level since 2020, Commercial Observer reported.
Why It Matters
Brooklyn’s momentum shows renters shifting toward more affordable options as Manhattan stays tight. Malin wrote that the supply shortage keeps pricing elevated and creates urgency for renters, per Corcoran.
Policy adds a wrinkle. We covered how Brooklyn panelists doubted the legality of the Rent Guidelines Board’s rent freeze, effective Oct. 1, and anticipate downsides for affordable housing.
What’s Next
Watch whether October leasing holds Brooklyn’s pace as listings keep shrinking, and whether Manhattan vacancy moves off 1.5%. Nationally, rental demand is also climbing as buyers turn to renting, according to Zillow data we covered.
