Historically speaking, August is the busiest month for NYC’s rental market, so it’s typical that rents and leasing activity climbed.
Market Reports
Whether July’s Manhattan findings are a temporary blip—or the start of a longer-term trend—is the million-dollar question.
The Hamptons market remains incredibly active, even with inventory continuing to decline year-over-year and overall prices still on the rise.
Demand was active in Palm Beach. However, sales fell 44% annually from a record-breaking 2Q, returning to pre-pandemic levels.
The housing market in Miami Beach remains incredibly active for interested buyers, even while supply diminishes.
Rising prices impacted affordability for many potential New York City renters in June.
This quarter’s activity highlights Brooklyn’s resiliency and demonstrates that the long-term health of this market is likely here to stay.
In Second Quarter 2022, the Manhattan market once again performed strongly, with the highest dollar volume of closings ever recorded.
Record-high rents have done nothing to curb tight vacancy rates market-wide, keeping NYC’s rental market extremely competitive.