Here’s a quick snapshot of the NYC rental market for February 2025, with a focus on Manhattan and Brooklyn. You can view stats from the previous month here.

Note that the areas for “best deals” are determined by a combination of vacancy rates and/or areas with price declines (or lowest price increases, in the event of a rising market) across the most categories of apartment types. Keep in mind that “best deals” doesn’t necessarily mean “cheapest.” It just means places where you’re more likely to have some bargaining power and/or more options.  

Summary

Signed leases were down by double digits on both an annual and monthly basis. While we typically expect rentals to be slower during the winter, this was the lowest level seen in 3 years. 

Renters were likely turned off by higher asking rents – which were up 5% compared to last year this time. And despite a sharp increase in listings (up 29% compared to January), the vacancy rate in Manhattan got tighter as more renters opted to stay put rather than explore an unusually challenging market. 

Brooklyn likewise saw both year over year and month over month declines in signed leases (especially for 1 bedrooms, which hit a near record for median rent). 

The borough had previously been enjoying a better inventory situation compared to Manhattan. But February saw the first annual decrease in listings in 2.5 years. And higher rent and lower inventory meant more renters opting to stay put, just like their East River counterparts. 

What’s Next? 

Just like the weather, we might see a bit of a “warm up” in March when it comes to rentals. Although March isn’t typically a busy month, more leases come up for renewal compared to months like December, January and February. 

However, whether or not renters will stay or go is the big question. If inventory remains tight, we will likely see continued annual declines. After all, why would a renter take their chances if there’s limited options and those options are expensive? 

So for the time being, absent a big change in listing levels, neither Manhattan or Brooklyn renters should hold out for much change with prices. 

With the spring sales market getting into gear and rents remaining high, renters should consider whether or not it might make sense to start their journey to home ownership. 

Not sure which one might be right for you? Take my Rent vs. Buy quiz to help you figure it out. 

What to Expect as a Renter

With inventory being so tight, the best places are going to fly off the shelf. Preparation is key, especially these days! Here’s a video reminder of what you need in order to put your best foot forward  – NYC Apartment Hunting Tips – The Key to Getting An Application in FAST. 

To get the full NYC Rental Market Update for February 2025, click here. 

And if you’re thinking about getting a new rental in NYC, then check out my Renter Resources page and get my FREE guide to renting in NYC when you join my email list!