H1 2026
New York rental market report, H1 2026
The first full half-year after the FARE Act: asking rents rose modestly, vacancy stayed below four per cent and no-fee marketing became standard.
In the first half of 2026 the New York rental market tested a new set of rules and a familiar problem. The FARE Act moved broker fees from tenants to landlords, while low vacancy kept competition strong. This report covers Manhattan, Brooklyn and the neighbourhoods Halvenor tracks.
Rents
Manhattan’s median asking rent rose 2.4 per cent in the half-year to $4,350 a month, while Brooklyn increased 3.1 per cent to $3,420. Williamsburg and Park Slope remained the most expensive Brooklyn neighbourhoods, with two-bedroom apartments averaging $5,100 and $4,800 respectively.
The share of listings advertising concessions such as a free month fell from 24 to 18 per cent as new buildings filled their units.
The FARE Act in practice
Most landlords paid the broker’s fee rather than raising advertised rents sharply. We estimate that the effect on asking rents was between one and two per cent, concentrated in the less expensive price tiers. Tenants’ upfront costs fell on average by about one month’s rent.
Complaints to the city about illegal fees decreased through the half-year as brokers adapted their practices, but enforcement actions against some brokerages continued.
- Median time on market: 21 days in Manhattan, 18 in Brooklyn
- Applications per listing: 3.4 on average
- Share of tenants using a guarantor service: 14%
- Average lease length: 13 months
Outlook
New supply remains limited, and we expect asking rents to grow by about three to four per cent over the full year. Seasonal demand typically peaks in June to September, and tenants who can move in winter often find more flexible landlords.
This report is a demonstration document for the fictional Halvenor Realty. All figures are illustrative and must not be used for real decisions.