NYC Rents Hit New Record Thanks to Bidding Wars

Manhattan apartment rents surged to a record high in February, reaching a median of $4.5K, as bidding wars became more common.

March 13, 2025

Nina Dale

Manhattan rents hit a new record in February, with a median $4.5K, up 6.4% from 2024.
Nearly 27% of new leases in Manhattan were signed after bidding wars, a record-high share.
Brooklyn and Queens also saw rising rents and stiffer competition, with bidding wars going down in 35% of Brooklyn deals.

Key Takeaways

Manhattan apartment rents surged to a record high in February, reaching a median of $4.5K, as Big Apple bidding wars become more common.

By The Numbers

Manhattan apartment rents soared to new heights in February, according to data from appraiser Miller Samuel and Douglas Elliman. Rents grew 6.4% YoY, surpassing the previous record set in the summer of 2023 by $100.

The rapid rise in big city rents, which usually slow down during winter months, is a clear sign of the unusual, ongoing pressure on NYC renters looking to get the best bang for their buck—because home ownership is even less affordable.

Kings and Queens

The ripple effects of this competitive market have been felt in Brooklyn and Queens, too:

In Brooklyn, the median rent rose 2.9% YoY to $3.6K, though it’s still $350 below the record set in July 2023. Bidding wars went down in a staggering 35% of new leases signed last month.
In Queens, rents in more affluent areas like Astoria and Long Island City rose 7%, their fourth consecutive annual rent growth in just five months.

Manhattan apartment rents hit a new record

Renter Bidding Wars

The growing apartment demand has naturally resulted in more tenant bidding wars. Nearly 27% of new leases in Manhattan saw bidding wars before signing, the highest share ever recorded.

Jonathan Miller, president of Miller Samuel, described the current rental market as “irrational,” driven largely by these bidding wars, which pushed prices above asking levels.

As agents urge their tenants to bid higher, the competition is growing fierce, forcing many renters to face difficult decisions.

Buying Even Riskier

This extreme competition is expected to continue, if only because many potential Manhattan homebuyers are holding off on purchasing homes.

Many who expected more market stability after President Trump took office, have been left in the lurch—still playing the waiting game.

As Miller pointed out, “The volatility we’re seeing in the economy with the tariffs and the uncertainty that’s piling up is keeping consumers in rentals.”