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.
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.
In Manhattan, rents rose for studios and one- and two-bedroom homes but declined sharply for three-bedroom homes. In Brooklyn, rents rose slightly for one- and two-bedroom homes but dipped for studios and three-bedroom homes.
Month over month and year over year, rents in Manhattan and Brooklyn increased across the board — and move-in incentives were less plentiful.