New York, United States. Rent prices in some of the world’s most expensive neighbourhoods continue to rise, with new data showing record levels in Manhattan and steep increases in Brooklyn. London has also recorded high rental costs in early 2026, according to industry and official data.
Manhattan rents pass $5,000 as vacancies fall
The median monthly rent in Manhattan reached $5,099 in April 2026, exceeding $5,000, according to the Corcoran Group’s latest rental market report. The vacancy rate fell to 1.55%, its lowest level in more than six years, while active listings declined 25% year-on-year to 4,766.
A 30-square-metre studio in Manhattan now averages about $3,900 per month, roughly €3,325. One-bedroom apartments average $5,228, and two-bedroom apartments average $8,338, according to figures reported by the New York Post based on Corcoran data.
Brooklyn sees steep increases and narrowing gap with Manhattan
In Brooklyn, the average rent for an apartment stands at $4,685, an annual increase of 34.88%, according to RentCafe’s Brooklyn market data. Studio apartments average $3,775, making them only slightly cheaper than Manhattan studios.
The gap with Manhattan has narrowed in high-demand areas including Williamsburg, Brooklyn Heights and Fort Greene, according to the report.
London rents remain among Europe’s highest
In London, average advertised rents rose to £2,736 per month in the first quarter of 2026, according to Rightmove’s Rental Price Tracker. Rightmove said rental growth has slowed, though London remains one of the most expensive rental markets in Europe.
For Knightsbridge, the closest official proxy is Kensington and Chelsea, where average private rents stood at £3,597 in April 2026, according to the UK’s Office for National Statistics. This was the highest average rent recorded among local areas in England and Wales.
How have rising rents affected your housing choices in your city?
