"Rental listings across the five boroughs fell about 6 percent in February compared to the same month last year, marking two full years of inventory declines, according to a StreetEasy report published earlier this week. The median asking rent rose more than 8 percent annually to $3,950."
"After the ban took effect, brokers, landlords and the industry's trade group pointed to the law, known as the FARE Act, as the source of rental inventory declines in the city, arguing landlords weren't allowing agents to list their units to avoid having to pay them a fee."
"Of the more than 18,600 new construction rentals completed last year, only around 2,500 were in Manhattan, compared to more than 11,000 in Brooklyn and 3,600 in Queens."
New York City's rental market continues deteriorating with inventory falling 6 percent in February compared to the previous year, marking two consecutive years of declines. Median asking rent increased over 8 percent annually to $3,950. The market faces multiple pressures including the June broker fee ban (FARE Act), which industry stakeholders blame for inventory reductions, though some argue the decline predates the law. Mayor Zohran Mamdani's election brought rent-stabilization policies and landlord scrutiny through rental ripoff hearings. Despite disagreement on causes, both city leadership and industry acknowledge the critical need for increased housing production. While construction has accelerated overall, Manhattan lags significantly with only 2,500 of 18,600 new rental units completed last year, compared to 11,000 in Brooklyn and 3,600 in Queens.
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