Optimism generated by the long-awaited arrival of COVID-19 vaccines may be having a positive effect on the rental market in Manhattan and Brooklyn.
December was a good time to be an apartment-hunter in Manhattan and Brooklyn: Rents dipped, inventory was robust, and incentives were plentiful.
In Manhattan and Brooklyn, a wild year concluded with renewed market stability: Closings and signed contracts were up and supply growth slowed.
For apartment hunters in Manhattan and Brooklyn, rents continued to fall during November, and move-in incentives became even more generous.
As rents declined and inventory continued to rise across Manhattan and Brooklyn, the market countered with more aggressive move-in incentives.