Manhattan Apartment Rents Reach All-Time High as Inventory Hits Seven-Year Low
Manhattan apartment rents reached another all-time high in September 2026, rising 2% from August and 9% from a year ago to a median of $5,395 per month, the Corcoran Group reported Thursday. Average rents moved higher across every unit type, led by two- and three-bedrooms, which recorded double-digit annual gains.
September saw 5,015 active apartment listings across Manhattan, down 2% from August and 16% year-over-year. This extends a two-year streak of annual declines and marks the lowest September for rental listings since 2019, according to Corcoran Group’s latest NYC Residential Rental Market Report.
Fewer new leases were signed in September, suggesting that renters are taking time to evaluate their options. The vacancy rate barely moved at 1.5%. “With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough,” said Corcoran Group COO Gary Malin.
Get a closer look at the capital financing New York multifamily’s next cycle. Hear from Gary Bechtel of Red Oak Capital Holdings and Christian DeLisle of PACE Loan Group, then connect with owners, lenders and investors at Connect New York Apartments Investment & Finance on October 22. Register now!
Other News
Rockland Trust Provides Financing for Quincy Affordable Development
Rockland Trust is providing a financing package of $7.4 million to Father Bill’s & MainSpring (FBMS) for the development of a new 24-unit affordable housing community at 150-156 Quincy St. in Quincy, MA. The Quincy Street Apartments project will transform the site into a multifamily residential community designed to expand access to housing in a...
Learn more
Recent Capital Improvements Drive Van Nuys Apartment Deal
Northmarq’s El Segundo Investment Sales team led by Brent Sprenkle, in collaboration with the firm’s Los Angeles office led by Elliot Hassan and Mike Hanassab, brokered the $5.25-million sale of Vanowen Apartments, a 24-unit low-rise multifamily community located at 15022 Vanowen St. in Van Nuys. The Northmarq team represented the seller, David H. Greenhut. The buyer...
Learn more
Pantzer Makes Second Tri-State Deal This Year with Woodbridge Multifamily Acquisition
JLL Capital Markets arranged the $79-million sale of Avenue & Green, a 232-unit, transit-oriented luxury apartment community in Woodbridge, NJ. The property was renamed The Point Woodbridge by the buyer, Pantzer, making its second acquisition in the Tri-State area this year after The Point Stamford in July. Senior managing directors Jose Cruz, Mike Oliver and Steve...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout