Manhattan Rent Growth Breaks Records — Again
Manhattan Rent Growth Breaks Records — Again
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July 10, 2025 | New York City
For the fifth consecutive month, Manhattan rents set a new record. In June, the borough's median rent for brokered apartments reached $4,625 — a 7.6% year-over-year increase — according to Douglas Elliman’s latest rental market report. Summer is traditionally a high-demand season, but 2025’s record streak started as early as February, fueled by high mortgage rates and economic uncertainty.
A major new driver this month is the implementation of the FARE Act, which now requires landlords to cover broker fees if they hire a rental agent. Appraiser Jonathan Miller estimates this has added roughly 1% per month to rent prices, equivalent to about 12% annually — the same range that broker fees typically cost.
Inventory dropped 12.4% from May as some landlords pulled listings to avoid paying commissions, further tightening supply. One in four renters paid over asking price, and lease signings rose 8% year-over-year. The luxury segment remained stable, with top-tier units holding steady around $10,000/month.
Outside Manhattan, Brooklyn rents inched up just 1% to $3,733, while Northwest Queens dipped slightly from May but still posted gains year-over-year. The overall takeaway: tenant demand remains strong, and landlords are in no rush to lower prices.
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