Key Facts
• June 2025 median rent in Manhattan rose 7.6% YoY to $4,625.
• Rent increased by $54 compared to May 2025, marking the fourth record in five months.
• A new law in June 2025 banned landlords from charging broker fees to new tenants.
• Landlords are indirectly passing broker fees onto tenants through higher rents.
• Rental demand is expected to rise as students and graduates move to urban areas.
• Manhattan rental listings dropped 12% from May to June 2025, limiting tenant options.
• 25% of new rental contracts in June 2025 involved bidding wars, the highest rate ever for June.
Summary
Manhattan’s rental market reached new heights in June 2025, with median rents climbing 7.6% year-on-year to $4,625, a $54 increase from May. This marks the fourth record high in five months, reflecting a competitive market. A recent law prohibiting landlords from charging broker fees to new tenants has intensified upward pressure on rents, as landlords shift these costs to tenants indirectly. The market is further strained by a 12% drop in rental listings and increased demand from incoming students and graduates. Notably, 25% of new rental contracts in June involved bidding wars, the highest proportion ever recorded for the month. These factors underscore the challenges faced by renters in Manhattan’s peak rental season.
