Here’s a quick snapshot of the NYC rental market for March 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

Although signed leases surged in Manhattan compared to February (up 28%), they were down on an annual basis. In fact, it was one of the slowest starts to the spring rental market seen in 5 years. 

But this didn’t stop monthly rents from marching higher. They were up 3% compared to last year and about even compared to February. This, combined with lower than normal inventory (which was down by double digits on both an annual and monthly basis) likely encouraged many renters to stay put. 

Brooklyn was a very different story. Signed leases skyrocketed compared to February – up 49%. This was double the typical increase in activity that we see between February and March. And activity was also up on an annual basis by double digits. 

While rents stayed high, they at least didn’t get much higher. And unlike their Manhattan counterparts, Brooklyn saw a modest increase in inventory. 

What’s Next? 

Things are indeed warming up as predicted for the spring rental market. But that “warm up” is likely to look different in each borough. 

If Manhattan continues to be plagued by high rents and low inventory, then that cycle is likely to perpetuate itself. Renters won’t move, so inventory won’t go onto the market. And less inventory on the market will push prices higher for the properties that are on the market. And so renters won’t move. So on and so forth. 

Brooklyn on the other hand seems to have broken out of this trend. And if inventory continues to come on at a steady pace, then this may encourage more turnover throughout the borough. 

(Side note – with the spring sales market in full swing and rents teetering near historic highs, 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 March 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!