Apartments are filling up in Brooklyn.
Leasing momentum in the Brooklyn rental market increased 10 percent year over year in September, as the borough notched the strongest September of apartment leasing activity since 2020 at 1,407 incoming rentals, according to data from at Corcoran Group.
Manhattan, on the other hand, had a rather dull September. Apartment leasing activity in the borough declined 5 percent year-over-year to 3,841 incoming rentals, the data found. And tenants continue to face shortages in available Manhattan pads.
“The number of apartments available [in Manhattan] It reached its lowest level in September since 2019, while the vacancy rate was held at almost 1.5 percent, indicating a challenging market for tenants. Gary Malinchief operating officer at The Corcoran Group, wrote in the report. “With demand continuing to outstrip supply, competition remains very frustrating in many areas.”
Rents in both boroughs grew on a year-over-year basis, according to Corcoran data. Brooklyn saw a 5 percent year-over-year rent increase in September to a median of $4,300 per month, while Manhattan’s median rent rose 9 percent year-over-year to $5,395 per month.
There were 3,428 active apartment listings in Brooklyn during September, down 11 percent compared to August 2026 and down 25 percent year-over-year. In Manhattan, there were 5,015 active listings, down 2 percent from August and 16 percent from September 2025.
Brooklyn’s uptick in leasing activity in September was led by leasing for two-bedroom apartments, which saw 21 percent year-over-year growth to 434 rentals — the highest September total since 2020 — and studio signings, which sat at 248 rentals, representing the strongest September on record for the unit type, according to Corcoran.
But supply continues to be a problem in the five boroughs, especially in Manhattan. Manhattan’s five-month vacancy rate hovered around 1.5 percent, the longest such low since 2020, according to Corcoran.
“Manhattan’s rental market remains defined by a shortage of available apartments,” Malin wrote. “The situation continues to drive up prices and create urgency among renters looking for new homes across the borough.”
Amanda Schiavo can reach the aschiavo@commercialobserver.com.