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Renters struggle to find Manhattan apartments as inventory falls for 24 months
New data shows Manhattan’s rental inventory has fallen for 24 consecutive months, marking the longest decline ever recorded. Experts say the shortage is largely driven by the city not adding enough housing while demand continues to grow. As available apartments shrink, renters are facing intense competition and rising prices. Real estate analysts say finding an apartment in Manhattan right now is extremely difficult. As one resident put it: "It’s not easy."
NEW YORK - If your apartment hunt feels harder than ever, the data backs you up.
February marked the 24th consecutive month of year-over-year rental inventory declines in Manhattan, the longest streak ever recorded in StreetEasy’s 20-year history, according to the company’s latest market report.
What we know:
There were 11,670 apartments for rent in Manhattan in February, down 3.5% from a year ago, according to the report. Across New York City, rental inventory fell 5.5% year-over-year.
At the same time, rents continue to rise.
The median asking rent in Manhattan reached $4,700, up 6.9% from last year. Citywide, the median asking rent climbed 8.2% to $3,950.
The combination of fewer available apartments and steady demand has kept the rental market tight for two years.
Why is this happening?
What they're saying:
StreetEasy analysts say the current squeeze reflects a classic supply-and-demand imbalance.
Demand for apartments increased after many companies began calling workers back to offices in 2022.
As more employees returned to in-person work, renters increasingly sought apartments closer to their jobs, particularly in Manhattan.
But the supply of new housing in the borough has not kept pace.
Even though developers added 18,618 new rental units across New York City in 2025, the most in a decade, Manhattan received only a small share of that growth. Just 2,575 units, or about 14% of the city’s new rentals, were built in the borough.
That means new construction made up just 2.8% of all Manhattan apartments listed for rent last year.
Much of the city’s new development has instead been concentrated in outer boroughs. Brooklyn alone added more than four times as many new rental units as Manhattan.
Housing analysts say the shortage is also tied to a longer-term issue: the city has not added enough housing over the past decade to keep up with population growth and demand.
Finding an apartment in Manhattan
FILE - Residential apartment buildings are seen on July 26, 2022, in New York City. (Spencer Platt/Getty Images)
The shortage is particularly challenging for renters who need more space.
Compared with pre-pandemic levels, inventory of larger apartments has fallen sharply:
- Three-bedroom apartments are down 51.5%
- Two-bedroom apartments are down 31%
- Studios and one-bedrooms are down about 20%
That decline has intensified competition.
Two-bedroom listings now receive about 91% more inquiries than they did in 2019, while apartments with three or more bedrooms receive about 144% more inquiries.
Prices are rising accordingly. The median rent for a two-bedroom apartment reached $4,430 in February, up 10.9% year-over-year, while three-bedroom rents climbed 11% to $4,995.
Adding to the pressure, most new apartments being built are smaller units. About 61% of new rentals built citywide last year were studios or one-bedrooms, and in Manhattan that share rose to more than 72%.
That leaves relatively few new options for families or renters looking to share larger apartments.
Why it matters for renters
Traditional tenement buildings are now expensive rental apartments, November 4, 2022 on Orchard Street in the Lower East Side neighborhood of New York City, New York. (Photo by Andrew Lichtenstein/Corbis via Getty Images)
Why you should care:
While rental competition has eased slightly from the peak seen in 2022, the market remains far tighter than it was before the pandemic.
The average rental listing in New York City still receives 52% more inquiries than it did in February 2019, according to StreetEasy.
With vacancy rates low and demand holding steady, analysts say the city could see continued rent growth through 2026, particularly in neighborhoods where new housing supply remains limited.
For renters, the numbers highlight a broader challenge: Manhattan’s housing supply has struggled to keep up with demand, leaving fewer options and rising prices — especially for larger apartments.
The Source: This report is based on information from StreetEasy.