Rents in Manhattan and Brooklyn inched up 5% and 6%, respectively, since August, signaling a shrinking inventory — down more than 60% from 2020.
Tag: NYC
New York City
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.
New York City rental activity jumped again during May — up 6 percent in Manhattan and 14 percent in Brooklyn — for a total of 9,628 lease signings.
The NYC residential market enjoyed a record-setting month: Against 2020, contract signings surged 640 percent in Manhattan and 418 percent in Brooklyn.
New York City’s rental market got a new lease on life in April: Against 2020, lease signings surged 383 percent in Manhattan and 228 percent in Brooklyn.
The quest for privacy and outdoor space defined the townhouse market in Brooklyn during 2020. Single-family townhouse closings jumped 10 percent.