The luxury rental segment continues to outperform. ‘Amenities’ and ‘space’ remain the buzzwords for many of today’s renters.
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.
In step with the rest of the market, Brooklyn’s townhouse scene enjoyed a robust first half of 2021, reaching the highest half-year level in over five years.
The rental market across New York City continues its rebound: Compared with June, Manhattan and Brooklyn rents were up and inventory was down.
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.