For apartment hunters in Manhattan and Brooklyn, rents dropped and inventory grew during October, and move-in incentives were plentiful.
Market Reports
Momentum grew on the East End during the third quarter. Closed sales jumped 38% year-over-year in the Hamptons and 23% on the North Fork.
As rents declined and inventory continued to rise across Manhattan and Brooklyn, the market countered with more aggressive move-in incentives.
In the Town of Palm Beach, closings on single-family homes increased 120 percent compared with Q3 2019, and condo/co-op sales jumped 22 percent.
In Manhattan and Brooklyn, a challenging third quarter ended on a positive note, with signed contracts jumping 167% and 157%, respectively, over Q2.
Across Manhattan and Brooklyn, rents were down and inventory was up during August, offering uncommon opportunities for apartment hunters.
Rental activity slowed again in Manhattan and Brooklyn during July, but landlords countered with generous terms and new move-in incentives.
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 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.