The demand-responsive transit (DRT) service is an emerging and flexible transit mode to enhance the mobility of the urban transit system by providing personalized services. Passengers can make advanced appointments through smartphone applications. In this paper, an analytical model is proposed for the many-to-one DRT system. The agency and user costs are approximated by closed-form expressions. The agency cost, which is also the operation cost, is approximated by the continuum approximation technique. A nearest-neighbor routing strategy is applied, whereby the vehicle always collects the nearest passenger waiting in the system. The Vickrey queueing theory is adopted as the basis for approximating each component of the user cost, which is composed of the out-of-vehicle and in-vehicle waiting times and schedule deviations, which also depend on the service quality of the DRT system. The results of the numerical experiment show that (1) the agency and user costs are influenced significantly by the demand density, and (2) the DRT operator cannot further decrease the operating cost by solely deploying larger vehicles.