The median rent in Manhattan is $5,000 a month

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NEW YORK CITY (WABC) -- The affordability crisis in New York City has hit a new record as rents in Manhattan and Brooklyn reportedly soared to an all-time high last month.

The median rent in Manhattan rose to $5,000 a month in February and in Brooklyn it jumped to $4,296, according to the 2026 NYC Rental Market Report released by the Corcoran Group.

"The rent is too damn high" is a legendary line from the 2010 New York governor's race but it never gets old, because 16 years later, it's still true.

"More of my friends are looking into buying now, or owning, it's just more affordable in some ways to have a lower mortgage monthly payment," one Williamsburg resident said.

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"I certainly wouldn't be able to afford it, the apartment that I'm in, it's a two-bedroom apartment and with rent stabilization it's one price, but the apartment above me is a regular market rate, you're talking $5,000, how do people do it?" Dennis McDermot said.

Jonathan Miller is an expert real estate appraiser in New York and Connecticut.

"This is becoming this sort of, you know, a vicious cycle," Miller said. "You know, affordability is being challenged not only by higher mortgage rates on the purchase market, but rising prices in the rental market."

Renters, according to the report, are flocking to Gowanus, Red Hook and Carroll Gardens in Brooklyn because of the construction boom of new rental buildings.

The number of leases signed was up 203% from last year.

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