Manhattan Rents Soar to Over $5,100 a Month: Report
The month of May saw the highest median rent for New Yorkers, setting a new rent record of $5,125 per month in an increasingly expensive housing market.
| 22 Jun 2026 | 04:04
The median rent for Manhattanites increased again in the month of May to $5,125, setting a new market record, according to a Real Estate report and statement by Corcoran Group COO Gary Malin (inset). (
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The median rent in Manhattan in May surpassed a previous record set only in April this year, reaching $5,125 per month, according to a new real estate report.
In a May NYC rental market report, The Corcoran Group, a real estate brokerage firm, announced that the May median rent had increased by 1 percent, surpassing the previous all-time high median set in April, which had sat at $5,099. In a market that already has seen a 7% annual increase in prices across all property types, the group also reported new average rent highs for studios and one-bedroom apartments, reaching $3,999 and $5,305 respectively in May.
Gary Malin, Chief operating officer of The Corcoran Group, said the market increases reflect skyrocketing demands for city living.
“Much to the frustration of tenants, Manhattan’s median rent reached yet another new all-time high in May, hitting $5,125 as demand continues to outpace a persistently constrained supply environment,” Malin wrote in the report. “We’re seeing record pricing across multiple unit types, particularly in studios and one-bedrooms, as renters compete for a shrinking pool of available apartments.”
Increases in housing market prices contribute directly to household financial struggles, according to a Fund for the City of New York report.
On average, for every 100 units in Manhattan, fewer than two units are available at any present time, according to the report. In May, the vacancy rose to 1.57%, a slight increase from April’s 1.55%. The group reported that there were only 4,956 active listings in Manhattan during the month of May, a slight 4% increase from April’s listing numbers. Despite the increase, the group noted that listings have declined by 21% each year.
“The Vacancy remains historically tight and listings are down sharply year-over-year, driven by limited new development, a high rate of lease renewals, and city policy-driven outcomes that have slowed new construction and reduced inventory coming online,” Malin wrote.
The report comes just after NYC Mayor Mamdani announced his new housing plan: “Block by Block: The Housing Plan for A New Era” which, among other things, looks to tackle the housing affordability crisis.