The rental market across New York City continues its rebound: Compared with June, Manhattan and Brooklyn rents were up and inventory was down.
The Corcoran Group recently released its residential rental reports for Manhattan and Brooklyn for July 2021. Among the reports’ key findings:
The Manhattan median rent hit $3,195 in July – up 5% month-over-month and marking the highest median rent charted in nine months.
However, the median rent is still down 6% year-over-year.
There were 10,261 active listings across Manhattan during July – down 35% from the 15,794 in June and 24% year-over-year.
In July, the overall Manhattan vacancy rate was 2.61% (vs. 3.49% in June), a 13-month low due to lower inventory and continued strong leasing activity.
Vacancy rates fell across all neighborhoods except Midtown West – where the figure increased by 0.8%.
8,114 Manhattan leases were signed in July, up 89% year-over-year; both doorman and non-doorman buildings had similar annual gains.
Lease signings were down from the record 8,995 in June, but still a sign available inventory is being absorbed rapidly.
The Upper East Side, Midtown East, Gramercy, and The East Village/Lower East Side had the largest annual gains in leasing activity.
The Brooklyn median rent reached $2,700 in July – up 4% versus June.
The median rent is still down 10% year-over-year. Average rents fell annually across all bedroom types and nearly all neighborhoods except Downtown Brooklyn where landlords have become more aggressive with rents.
There were 5,088 active listings available in Brooklyn during July, down 6% from last month but up 36% versus last year.
The average Brooklyn apartment was on the market for 51 days, down 25% from last month and 45% from last year.
Renters acted fast so they could still secure a good value – as prices increase.
Brooklyn experienced strong leasing activity during July, when 2,111 leases were signed.
This number is up 16% year-over-year but down 17% from June’s record of 2,544.
By bedroom type, the number of leases signed for smaller residences (studios/one-bedrooms) saw the largest annual gains.
Bed-Stuy, Prospect Park South, Crown Heights/Prospect-Lefferts Gardens, and South Williamsburg experienced the largest year-over-year uptick in leasing activity.