Here’s a quick snapshot of the NYC rental market for April 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 up 14% in Manhattan compared to the prior month. This was in line with typical seasonality trends. But they were down yet again compared to the prior year marking one of the slowest Aprils in 5 years. 

Activity in the borough remained muted due to the continued combination of high rents and low inventory. Rents hit a new record high in all categories except for 3 beds. And inventory was down 10% compared to the prior year – 7% below its historical average 

Signed leases were down on both an annual and yearly basis in Brooklyn. This marked one of the slowest Aprils since 2020. Given the market’s strength last month, this was quite a surprise, especially since lease signings historically tend to increase between March and April.

Renters may have been dismayed by higher rents. But rents were below their 2024 highs, and inventory saw double digit gains both year over year and month over month. So this slowdown was a bit puzzling. It’s possible that uncertainty over tariffs caused renters to want to refrain from making any changes if they didn’t have to. 

What’s Next? 

As predicted last month, Manhattan continues to be stuck in a cycle of high rents and low inventory. Renters might see a bit of relief if typical seasonal trends continue and more renters opt to not renew their current leases. But that would just be in terms of inventory and not necessarily prices. Rents are likely to remain high as demand also increases as we head into warmer months. 

Despite high rents, opportunities may be emerging for Brooklyn renters thanks to more inventory. Even if the slowdown in April was a bit of an aberration, we’re still likely to see continued increases in inventory during the month of May. And this is especially true since a number of new developments in Gowanus have finally started leasing. However, many of the rentals there are in luxury buildings. So the opportunities are likely to come in terms of options and not necessarily pricing. 

What to Expect as a Renter

This market is going to continue to be challenging, especially for Manhattan renters. 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 April 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!