Overview
- Corcoran data published on Aug. 12, 2026 shows Manhattan’s average rent reached $6,655 per month, a roughly 10% rise from a year earlier.
- Average rents for specific unit sizes set new records with studios at about $4,088, one‑bedrooms $5,486, two‑bedrooms $8,054 and three‑bedrooms $12,228.
- The city’s rental vacancy rate has tightened to roughly 1.49%, the lowest reported level in decades, leaving far fewer available apartments for renters.
- Real estate brokers quoted in the coverage say the incoming freeze on rent‑stabilized units and a proposed pied‑à‑terre tax are already changing landlord behavior, with some owners raising market‑rate asking prices now to make up for constrained stabilized income.
- Other factors cited by brokers and analysts include higher mortgage rates keeping buyers in the rental market and long‑running supply shortages, while tenant advocates and owners dispute reasons for vacant stabilized units.