Quite simply, there is intense demand for housing in New York City—people want to be here.
In Manhattan, limited inventory and rising rents tempered activity. Brooklyn inventory continued to drop as year-over-year prices increased.
Rents in Manhattan and Brooklyn inched up 5% and 6%, respectively, since August, signaling a shrinking inventory — down more than 60% from 2020.
Leasing velocity slowed in Manhattan and Brooklyn during August, and rents in both boroughs are still down slightly when compared to last year.