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.
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.