Rents increased year-over-year in both boroughs, but some segments have bounced-back faster than others.
Market Reports
The East End maintained its strong momentum through 3Q: Sales volume jumped 71% YoY in the Hamptons and 12% on the North Fork.
The Palm Beach market felt the effects of an unbridled second quarter during 3Q, with severely limited inventory and rising home prices.
Rents in Manhattan and Brooklyn inched up 5% and 6%, respectively, since August, signaling a shrinking inventory — down more than 60% from 2020.
Third Quarter 2021 marked the most active quarter for apartment closings on record, surpassing the previous quarter high.
With a record-setting sales volume that topped $9.5 billion, Manhattan experienced its strongest summer in 14 years.
Leasing velocity slowed in Manhattan and Brooklyn during August, and rents in both boroughs are still down slightly when compared to last year.
In step with the rest of the market, Brooklyn’s townhouse scene enjoyed a robust first half of 2021, reaching the highest half-year level in over five years.
The rental market across New York City continues its rebound: Compared with June, Manhattan and Brooklyn rents were up and inventory was down.