Manhattan Median Rent Climbs to $5,000

Manhattan’s median rent has hit $5,000, marking a 6% increase year-over-year. Driven by a lack of supply; listings plummeted 26% compared to last year, reaching their lowest level in nearly four years. A major factor is the "construction bypass": while the rest of the city saw a rental boom in 2025, Manhattan developers focused almost exclusively on luxury condos. Only 14% of the city’s 19,000 new rental units were built in Manhattan.

Lincoln’s Take: Record low inventory, condominium oriented construction have certainly led to scarce and expensive options for Manhattan renters. One must also wonder if the new regulatory environment with the FARE act has had any effect on the price growth.