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https://themaybury.com/ | The Maybury, a recently opened rental tower in Midtown near Hudson Yards (Gotham Organization) https://themaybury.com/ | The Maybury, a recently opened rental tower in Midtown near Hudson Yards (Gotham Organization)
After a year defined by a significant mismatch between housing supply and demand, experts predict that New York City’s rental market will see a notable uptick in new residential development for 2025. RealPage, a property management software company, anticipates an 85% increase in new rental units compared to 2024, equating to 34,800 additional apartments for the city.
Data from Miller Samuel’s latest rental market report (pdf) underscores Manhattan’s persistent housing demand. By December 2024, the borough’s rental inventory had dwindled to 9,741 apartments, with a vacancy rate of 2.93%—down from 3.42% the previous year. A three-year high in lease signings during the summer of 2024 further tightened the market, pushing rents higher.

In this article:

The Maybury, 550 Tenth Avenue
The Maybury, 550 Tenth Avenue Midtown West
The Orchard, 140 Orchard Street
The Orchard, 140 Orchard Street Lower East Side
Despite the wave of new construction, forecasts suggest rental prices will remain above pre-pandemic levels. Much of the new development activity is concentrated in Brooklyn, Queens, and Jersey City, where large-scale projects and office-to-residential conversions are reshaping the housing landscape.
Union Channel https://www.gowanuswharf.com/union-channel | Union Channel is newly launched rental bringing 224 units to Gowanus (Charney Management)
However, the increase in inventory may not significantly curb rising rents. Average monthly rents in New York City climbed 7% from December 2023 to December 2024, reaching $5,194, up from $4,952 the previous year, according to data compiled by Jonathan Miller for Douglas EllimanCrain’s New York reported a similar trend, with lease signings rising 20% during the same period. The upward pressure on rental prices is expected to persist in 2025.
“2025 is shaping up to be an exciting year for New York City’s rental market,” said JR Sena, Managing Director at Compass Development Marketing Group. Sena highlighted the recently enacted "City of Yes" zoning reforms as a transformative development that enables innovative projects and sets the stage for long-term growth.
Fordham Landing The sweeping Fordham Landing master plan just beginning construction on the Bronx's Harlem River waterfront (Dynamic Star)
100-Gold Street-01 The city released a vision to redevelop a low-rise office building at 100 Gold Street into 2,000 apartments (Conceptual design by FXCollaborative)
Mayor Eric Adams echoed this sentiment in his recent State of the City address, where he unveiled “The Manhattan Plan,” a central initiative under the City of Yes. The plan aims to add 100,000 homes to New York’s housing stock over the next decade. In addition to expanding supply, the initiative includes measures to support homeownership, incorporate rental payments into credit histories, and address affordability challenges.
45-03 23rd Street A new 53-story rental tower at 45-03 23rd Street, straddling the Court Square subway station in Long Island City, has restarted construction and will bring over 550 new apartments to the area (Charnery Companies | FxCollaborative Architects)

“With demand skyrocketing across virtually every neighborhood—particularly from international renters—2025 is off to a strong start,” — JR Sena, Managing Director at Compass Development Marketing Group


71-12 Park Avenue NYC's future growth is increasingly in the boroughs beyond Manhattan. Rendering of two towers, rising 42 and 50 stories, at 71-12 Park Avenue in Fresh Meadows. Now under construction, the development will feature approximately 850 units and is expected to house around 2,000 residents.
As the city navigates this evolving landscape, the balance between expanding housing supply and curbing affordability concerns remains tenuous. The year ahead promises more rentals, higher prices, and sustained demand. This time next year, the city’s progress will offer a clearer picture of whether its ambitious plans are bearing fruit.


10 new or soon-to-arrive rental developments across NYC


Aura LIC

23-10 42nd Road, Long Island City

Leasing begins early 2025

AURA LIC rentals Wasserstein https://aura-lic.com | AURA LIC near the Court Square -Queens Plaza districts of Long Island City
AURA LIC apartments Typical interior finishes
Aura LIC's roof deck
Aura LIC is a 37-story luxury rental building studio to two-bedroom residences with over 15,000 square feet of indoor and outdoor amenities, including a triple height, state of the art fitness center with yoga studio, co-working spaces, the Sky Lounge and Terrace, and an exclusive, private Club Lounge. As of December 2024, an affordable housing lottery has been launched for AURA LIC, making 72 units available for residents at 130 percent of the area median income, with eligible income ranging from $117,360 to $218,010.
View west towards the East River and Midtown https://aura-lic.com/ | View west towards the East River and Midtown

https://jasperlottery.com/
Jasper is a 484,000-square-foot development featuring 499 residences and 40,000 square feet of ground-floor retail and community spaces. Located on a full block along 5th Street between 50th and 49th Avenues in Long Island City, Queens, it’s just steps from neighborhood parks like the newly renovated Gantry State Park on the East River waterfront. Thirty percent of the apartments are designated as affordable housing at 130% of the area median income (AMI).

Rendering credit: Binyan Studios

Developed by Lloyd Goldman's BLDG Management, The Orchard is a 824 unit rental development in Long Island City that will be the tallest building in Queens at 823 feet. The project is designed by Perkins Eastman and boasts over 100,000 square feet of amenities, including a 60,000 square foot landscaped backyard with an outdoor swimming pool, three pickleball courts, running track, outdoor movie theater, and numerous green spaces, including an orchard grove, yoga terrace, dog park, and numerous private cabanas, grills, and fire pits, as well as a children’s playground. 

The 70th-floor Sky Lounge will include a terrace, a bar, chef’s kitchen, and private dining. Interior wellness and fitness amenities include an indoor pool, regulation-size basketball court, multi-sport simulator, state-of-the-art fitness center, spa with steam room and sauna as well as separate fitness studios. Entertainment amenities include a game room with an arcade, video games, ping pong and billiard table, and screening and multimedia private theaters complete with kitchenettes; working from home will be seamless with conference rooms, work pods and multiple meeting rooms, work lounges, a business center, and a podcast studio. The Orchard will welcome residents in early 2026

 

https://theorchardlic.com/ (Binyan Studios)

https://themaybury.com/
The Maybury is a 47-story rental building located at 550 Tenth Avenue between West 40th and 41st Streets at the nexus of Hudson Yards and Hell's Kitchen. It is distinguished in the local skyline by its façade with rust-red panels and floor-to-ceiling windows. The building is leasing studios to two bedrooms with over 20,000 square feet of indoor and outdoor amenities paired with lifestyle services by Gotham Living. There is a rooftop terrace with panoramic Manhattan views, a sky lounge, collaborative co-working spaces, and a state-of-the-art fitness club. 

 

 The Gotham Living dedicated concierge team complements the amenity suite by offering a selection of unique events and programming, enabling residents to cultivate a rich lifestyle. Abode by Gotham studios are equipped with multifunctional and transforming furniture. Studios start at $3,495 to two-bedrooms beginning at $6,400.


https://www.journalsquared.com/
Journal Squared living
The third tower of Journal Squared is now open, leasing 598 new rental residences. Designed by Handel Architects and Hollwich Kushner, the final tower offers an impressive array of creative-themed amenities including The Café at Journal Squared, presented by Almost Home, offering a fresh take on the role of a residential lobby. Additionally, residents enjoy a Performance Lounge with bleacher seating, a soundproof Recording Studio, a Karaoke Lounge, a Boxing Gym, and a Sky Lounge with a wet bar and sweeping views.

These new amenities complement existing shared spaces across the development, including a Fitness Center, Yoga Studio, indoor Bouldering wall, Library, multiple co-working lounges and conference rooms, private screening rooms, and a Digital Game Lounge. The development also offers a 24-hour attended lobby, package concierge, indoor parking, monthly events, and pet-friendly services.

The third tower of Journal Squared is now offering two months free rent on an 18-month lease. More details here.
Journal Squared amenities
NYC views from Journal Squared

http://https//www.theriveriebk.com/
The Riverie is a forthcoming waterfront rental development in Greenpoint offering a whopping 130,000 square feet of amenities and green space, including a block-through attended lobby with landscaped courtyard, riverfront park with direct water access, multiple landscaped decks with loungers, rooftop grill stations with outdoor-dining areas, a speakeasy bar and lounge, a heated rooftop swimming pool with skyline views, and so much more!

The building’s motto is “Spend less on rent. Live more” and will offer studio, one-, and two-bedroom residences from $1,537 per month through a housing lottery. More details here.
https://rent18india.com/

499-President Street https://499president.com/ (Brodsky Organization) | Rendering credit: VMI Studio for IF Studio

499 President Street is an eight-story, 350-unit rental located at the nexus of Park Slope and Gowanus. Developed by Brodsky and Avery Hall, 499 President is the newest addition to the transformation of Gowanus. The project consists of 350 rental units designed by New York-based firm SLCE Architects and interiors by Brooklyn design studio CL-OTH. Leasing will launch in February 2025. All studio to two-bedroom units feature oversized windows. Residential amenities include a fitness center with yoga studio, a lounge, a golf simulator, a central laundry room, bike storage, a garage with electric vehicle charging stations, and a rooftop pool and terrace. 

 

As of mid-January 2025, there is an open affordable housing lottery with units going for as low as $748/month. More details here.
(Credit: VMI Studio for IF Studio)

The newly-launched Union Channel, a new rental building, which is a part of the Gowanus Wharf campus at 240 Third Avenue. Designed by Fogarty Finger, the striking nine-story building spans 230,000 square feet with a dimpled aluminum and undulating concrete façade. Residents will enjoy expansive views and luxurious amenities including a rooftop pool, premier fitness center, coworking lounge, a yoga center, a landscaped rooftop, a resident sky lounge and 24-hour doorman service. Union Channel also features a mix of entertainment options, wellness spaces, and green areas, all part of a vibrant residential, arts, and retail campus at the northern edge of the Gowanus Canal Esplanade.
https://www.gowanuswharf.com/union-channel

One Domino Square consists of two towers, one rental, one condominium, that rest on a seven-story podium and share a 45,000-square-feet of amenities including a state-of-the-art health club, indoor lap pool, media room, game lounge, chef’s kitchen, children’s playroom, pet spa, and landscaped roof garden.All units feature sophisticated finishes, LED track lighting, Bosch kitchen appliances and washer/dryer, high-end bathroom fixtures, and smart technology like keyless entry and Ecobee thermostats.
https://www.onedominosquare.com/availability/rentals/3300 | Outdoor pool and sun deck of One Domino Square

The Botanica Despite the fugly exterior, the amenities are pretty nice, and units start at $2,700/month.
With striking views of Botanical Gardens, Prospect Park and the Manhattan skyline, The Botanica offers 10,000 square feet of inspired indoor and outdoor amenities including a fitness center, multiple resident lounges and outdoor terraces. The resident lounges, media room and Golf simulator room are the center of social life outside the home. The game room is the perfect spot for an evening get-together. The outdoor sundeck and rooftop is perfect to rejuvenate the mind and body in a setting unlike anywhere else in Crown Heights
https://www.botanicabk.com/

(Rendering credit: Binyan Studios)
Loden is a 17-story residential rental building with 569 studio to two-bedroom apartments featuring high-end finishes, energy-efficient appliances, smart controls for heating and cooling, and in-unit laundry. An on-site resident manager and concierge are on staff, and amenities include a fitness center with yoga/dance studio, a coworking lounge, a residents' lounge, a party room, a children's playroom, a roof terrace, private storage, bike storage, and on-site parking. Leasing will launch February 2025. Find availabilities here.
https://www.lodenbklyn.com/

Contributing Writer Michelle Sinclair Colman Michelle writes children's books and also writes articles about architecture, design and real estate. Those two passions came together in Michelle's first children's book, "Urban Babies Wear Black." Michelle has a Master's degree in Sociology from the University of Minnesota and a Master's degree in the Cities Program from the London School of Economics.