Manhattan Rental Market Faces Intense Competition Amid Limited Housing Supply
The rental market in Manhattan has become one of the most competitive in the United States, with 11 renters vying for each available apartment, according to a report by RentCafe. This marks an increase from eight renters per unit in 2024. The surge in demand is attributed to the return of residents for in-office work mandates, coupled with a minimal 0.84% increase in new apartment availability. Despite the high demand, 66.3% of current tenants have chosen to renew their leases, leaving only 4% of units open for new renters. The report also highlights that apartments in Manhattan are being leased within an average of 36 days, which is four days faster than the previous year. Brooklyn and Queens are also experiencing competitive rental markets, with Brooklyn seeing a 5.09% increase in new apartments and Queens a 3.14% increase. 
