Here’s how many tenants compete for 1 apartment in NYC – but it’s worse elsewhere in place

Surprise, surprise: Manhattan currently ranks among the top five competitive rental markets in the country.

Big Apple raised the ranks of Rentcafe’s latest rented competition throughout the country. Manhattan is currently the fifth most competitive rent market in the country, according to the data. The question is high, the circulation is low and the vacancies are short.

Market for rent that never sleeps.

Manhattan’s average lease reached another high record in June, according to a report by evaluator Miller Samuel and Douglas Elliman, scoring the fourth broken record in five months.

Not only the average rent in a new manhattan rent a $ 4,625 -dollar last month, but the competition for these units is a tougher than ever.

In Manhattan, 25% of rents suffered bids in June – a usually stuffed process reserved for homeowners.

More than half of Manhattan’s tenants are understood to choose to remain located in the first quarter of 2025, according to the rental analysis of Yardi’s data. Lease renovations reached 70% In that period. Fewer free apartments mean open -home -filled houses – 11 tenants were competing for each open apartment, the report revealed. This is an increase of only seven unit tenants for pets during the same period last year.

The high -pressure environment turns out that free apartments are removed from the market five days faster than the same period last year, resulting in the typical rental unit spending on average 45 days for rent.

Manhattan is certainly not the only city where tenants are feeling heat. Miami’s tenants are facing greater competition for housing, according to Rentcafe. The largest city of the Sunshine state boasts an occupation rate of 96.6% in First quarter of 2025, with 21 future tenants from units and vacancies between a month.

Suburban Chicago and Broward County, Florida occupied the second and third places, followed by Eastern Los Angeles and Suburban Philadelphia.

Harsh competition for rents in the Florida premises such as Miami and Broward County harsh contrast with stagnation of home sales stagnation across the state. The BROWARD District had a 18% decrease from year to year in home sales and a 24% decrease in CONDO closures in May, according to the last date by the Realtors Miami Association.

The reluctance of home buyers extends from the Floridian coast to the Big Apple.

“With high mortgage rates and economic uncertainty, renting is looking more attractive than buying for many now,” said Doug Resler, business intelligence manager at Yardi Matrix, who provides Rentcafe’s date.