The Palm Beach market felt the effects of an unbridled second quarter during 3Q, with severely limited inventory and rising home prices.
Rents in Manhattan and Brooklyn inched up 5% and 6%, respectively, since August, signaling a shrinking inventory — down more than 60% from 2020.
Leasing velocity slowed in Manhattan and Brooklyn during August, and rents in both boroughs are still down slightly when compared to last year.
In step with the rest of the market, Brooklyn’s townhouse scene enjoyed a robust first half of 2021, reaching the highest half-year level in over five years.
The rental market across New York City continues its rebound: Compared with June, Manhattan and Brooklyn rents were up and inventory was down.
The Palm Beach market experienced an extraordinary 2Q — its strongest quarter on record, in fact, with closed sales volume exceeding $1.5 billion.