New York, New York – Apartment rentals in New York City ‘s Manhattan borough topped $5,000 a month for the first time in April as vacancy rates tumbled to six-year lows, according to real estate firm Corcoran.
“Manhattan’s rental market surged in April 2026, as a sharp rise in demand collided with increasingly constrained supply,” Corcoran Chief Operating Officer Gary Malin said in a May 15 blog post.
The median rent last month in the borough was $5,099, up 6% from a year ago.
The vacancy rate fell to 1.55%, dynamics that point to a “market defined by heightened urgency and sustained competition among renters,” Malin said…