NYC rental activity continued to surge during June — up 18 percent in Manhattan and 26 percent in Brooklyn — for a total of 11,539 lease signings.
The Corcoran Group recently released its residential rental reports for Manhattan and Brooklyn for June 2021. Among the reports’ key findings:
- The anticipation of the city’s full reopening drove the uptick in leasing activity. In Manhattan, 8,995 leases were reported signed in June, up 18% since May. In some cases, renters even signed leases on sight-unseen apartments.
- With 1,387 leases signed during June, the Upper East Side saw the most traffic from apartment-seekers. The Upper West Side, with 1,094 leases signed, was the second-most popular destination for renters – followed by Midtown West, with 991 new leases.
- At $3,045, the Manhattan median rent declined both month-over-month and year-over-year. However, the median rent for doorman buildings, while still below last year, has experienced monthly gains since the beginning of the year. Non-doorman buildings have not seen similar recent rent increases.
- At 3.49%, the June vacancy rate decreased slightly from May (when it was 3.58%). Robust leasing activity is helping absorb the high level of available inventory.
- There were 2,544 reported leases signed across Brooklyn during June, 26% more than last month and the highest reported figure in over two years. The expanding renter pool and current renters looking for new lease terms drove the increased activity.
- With price sensitivity still prevalent, lease activity mainly shifted east and south in the borough. With 287 leases signed, Crown Heights/Prospect-Lefferts Gardens was the most popular area for new renters, followed by Bedford-Stuyvesant, where 247 leases were signed during June.
- At $2,600, the Brooklyn median rent was flat versus May, but 13% lower than a year ago. To attract new tenants, some landlords have pivoted to lowering face rents versus offering free month(s) of rent via an incentive.
- With an average rent of $4,928, DUMBO was the only Brooklyn neighborhood studied where rents climbed year-over-year, rising 5%. In contrast, pricing declined the most in Park Slope. The average rent in this neighborhood was $3,151 in June, down 23% from last year.