Brooklyn Rental Market Surges Amid Changing NYC Trends

Brooklyn is set to play a central role in New York City’s rental market in 2025 as new developments and increased inventory make the borough an attractive option for renters. Along with Queens, Brooklyn is on track to potentially surpass Manhattan as the city’s largest rental market, according to a report by StreetEasy.

The city’s low vacancy rate--  which hit a 60-year low of 1.4% in 2023-- has led to a surge in new rental developments, with Brooklyn and Queens seeing the bulk of this growth. These developments have rapidly increased rental inventory, helping to stabilize the market and slow rent growth.

Meanwhile, Jersey City and Hoboken may overtake Brooklyn as the most expensive rental market outside Manhattan. In 2024, the median asking rent in Jersey City and Hoboken reached $3,160, just behind Brooklyn’s $3,424. The increasing availability of new amenities, such as swimming pools and outdoor spaces with skyline views, has drawn renters across the Hudson River despite comparable price points.

Brooklyn’s rising inventory and the growing appeal of modern amenities reflect broader changes in the city’s rental market. As renters prioritize convenience and lifestyle, the borough remains a vital part of the evolving housing landscape in New York City, the report said.