Brooklyn rent prices hit record high according to Corcoran Group's report
The median rent in Brooklyn climbed to a record high of $4,296 last month, a 7.5% jump from a year ago, according to the Corcoran Group's February 2026 rental market report.
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Brooklyn's rental market hit a new milestone in February, but not the one renters were hoping for.
The median rent in Brooklyn climbed to a record high of $4,296 last month, a 7.5% jump from a year ago, according to the Corcoran Group's February 2026 rental market report.
Every apartment size saw record or near-record average rents. Three-bedroom units were up 20% year-over-year to $7,621, tying the highest average ever recorded for that unit type. One and two-bedroom averages also hit new all-time highs.
The report shows the number of available units rose 6% across Brooklyn, compared to last year. But apartments are sitting empty for an average of two months, which is 32% longer than a year ago, and the longest stretch in three years.
Gary Malin, chief operating officer of the Corcoran Group, said the numbers reflect a market that has priced out a significant portion of renters.
"It tells you that although it's available, and although people would love to live in these neighborhoods, the cost is very expensive," Malin said.
Leasing activity is up sharply across most of the borough. Roughly 1,166 leases were signed in February, up 39% from a year ago.
Carroll Gardens, Gowanus and Red Hook saw the most dramatic surge, with new leases jumping more than 200% year-over-year, driven in part by an influx of new rental buildings in Gowanus.
Leases in Fort Greene and Clinton Hill were also up sharply, rising 127%. Greenpoint and Williamsburg remain the borough's priciest neighborhoods.
Malin attributes the high rent prices to a shortage of available housing, and points to rent legislation as an unintended contributor.
"It's really a supply issue and a legislation issue," Malin said. "If you can work on those two things, it will make things more affordable. More competition means prices do need to come down."
