Across Manhattan and Brooklyn, rents were down and inventory was up during August, offering uncommon opportunities for apartment hunters.
Market Reports
Rental activity slowed again in Manhattan and Brooklyn during July, but landlords countered with generous terms and new move-in incentives.
The second quarter saw a flurry of activity on the East End. Closed sales jumped 21% year-over-year in the Hamptons and 13% on the North Fork.
The COVID-19 crisis stifled rental activity in Manhattan and Brooklyn during Q2, as vacancy rates reached the highest levels in at least 13 years.
In the Town of Palm Beach, single-family home sales jumped by 21 percent compared with Q2 2019, but condo and co-op sales declined by 60 percent.
Agents embraced virtual showings and transaction management, but the pandemic took its toll on business in Manhattan and Brooklyn during Q2.
In Manhattan and Brooklyn, rents fell across the board and vacancy levels hit a two-year high. As such, move-in incentives were more common in both boroughs.
In Manhattan, rents rose for studios and one- and two-bedroom homes but declined sharply for three-bedroom homes. In Brooklyn, rents rose slightly for one- and two-bedroom homes but dipped for studios and three-bedroom homes.
Rent changes in Manhattan during the month of March varied by apartment size year over year, but in Brooklyn, rents rose across the board.