New York City’s residential rental prices have recently reached a historic high in Manhattan, exacerbating the already severe housing affordability issue in the area. According to the latest market data, the median rent for new leases signed in Manhattan in November 2025 reached $4,750 per month, an increase of about 13% compared to a year ago and a 3.3% rise from October.
Reports from real estate market assessment firm “Miller Samuel Inc.” and real estate broker “Douglas Elliman” point out that these figures mark the latest records since 2008 in terms of median rent, average rent, and price per square foot. Samuel noted that there hasn’t been a significant exodus of tenants from the rental market; on the contrary, more people are entering the city, but the supply of rental housing is insufficient.
Market reports show that the upscale rental market is experiencing even more pronounced growth. For instance, the median rent for the top 10% of high-priced rental units increased by about 18% annually to reach around $11,500 per month. Likewise, the median rent for three-bedroom or larger residential units surged by approximately 27% yearly to hit about $8,500 per month. This reflects the continued strong demand for luxury housing among high-income groups, thereby driving up the overall rental levels.
Furthermore, rental prices in areas outside Manhattan are also on the rise. In Brooklyn, the median rent for new leases stands at approximately $3,804 per month, showing an increase of about 8.7% from the same period last year. In the northwest part of Queens, including neighborhoods like Astoria and Long Island City, the median rent also saw a rise of about 1.5% from last year, reaching around $3,510 per month.
Analysts believe that this surge in rental prices not only reflects the imbalance between housing supply and demand but also underscores the strong competition in the rental market amid uncertain economic conditions and population mobility. Experts caution that unless new supply and policy interventions can effectively alleviate the housing supply-demand pressure, the issue of housing affordability will continue to be a significant challenge facing New Yorkers.