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.
In Manhattan and Brooklyn, a challenging third quarter ended on a positive note, with signed contracts jumping 167% and 157%, respectively, over Q2.
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.