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Story summary
- Manhattan median rent hit $5,099 in April 2026, up 6% YoY.
- Vacancy dropped to 1.55%, the lowest in six-plus years.
- New leases rose 21% from March and 12% from April 2025, busiest since 2021.
- One-bedroom rents averaged $5,228 and two-bedroom $8,338, record highs.
- Corcoran Group COO Gary Malin linked the shortage to 2019 rent reforms, the Good Cause Eviction law, the FARE Act, and higher costs.
