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.
Market Reports
The year went out like a lion on the East End. Closed sales during Q4 jumped 68% year-over-year in the Hamptons and 26% on the North Fork.
December was a good time to be an apartment-hunter in Manhattan and Brooklyn: Rents dipped, inventory was robust, and incentives were plentiful.
In the Town of Palm Beach, closings on single-family homes tripled from Q4 2019 and jumped 33 percent from Q3. Condo/co-op sales jumped 30 percent.
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.
For apartment hunters in Manhattan and Brooklyn, rents dropped and inventory grew during October, and move-in incentives were plentiful.
As rents declined and inventory continued to rise across Manhattan and Brooklyn, the market countered with more aggressive move-in incentives.
Across Manhattan and Brooklyn, rents were down and inventory was up during August, offering uncommon opportunities for apartment hunters.