Apartments are filling up in Brooklyn.
Leasing momentum in Brooklyn’s rental market increased 10 percent annually in September, as the borough notched its strongest September of apartment leasing activity since 2020 at 1,407 leases signed, according to data from the Corcoran Group.
Manhattan, on the other hand, had a somewhat shabby September. Apartment leasing activity in the borough declined 5 percent year-over-year to 3,841 leases signed, the data found. And renters are continuing to face a shortage in available Manhattan pads.
“The number of available apartments [in Manhattan] reached its lowest September level since 2019, while the vacancy rate held near 1.5 percent, highlighting just how challenging the market remains for renters,” Gary Malin, chief operating officer at The Corcoran Group, wrote in the report. “With demand continuing to outpace supply, competition remains frustratingly intense across much of the borough.”
Rents in both boroughs grew on a year-over-year basis, according to the Corcoran data. Brooklyn saw a 5 percent year-over-year rise in rent for September to an average of $4,300 per month, while Manhattan’s average rent shot up 9 percent year-over-year to $5,395 per month.
There were 3,428 active apartment listings in Brooklyn during September, a decline of 11 percent when compared to August 2026 and a drop of 25 percent year-over-year. In Manhattan, there were 5,015 active listings, down 2 percent from August and 16 percent from September 2025.
Brooklyn’s uptick in leasing activity in September was driven by leasing for two-bedroom apartments, which saw 21 percent growth year-over-year to 434 leases — the highest September total since 2020 — and studio signings, which sat at 248 leases, representing the strongest September on record for that unit type, according to Corcoran.
But supply continues to be an issue across the five boroughs, particularly in Manhattan. Manhattan’s five-month run of a vacancy rate hovering around 1.5 percent is its longest stretch at such a low level since 2020, according to Corcoran.
“Manhattan’s rental market remains defined by a lack of available apartments,” Malin wrote. “These conditions continue to prop up pricing and create urgency among renters who are searching for new homes throughout the borough.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
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