Across Manhattan and Brooklyn, rents were down and inventory was up during August, offering uncommon opportunities for apartment hunters.
New York City
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.
Apartments with private terraces or buildings with private lawns, there’s nothing quite like having a quiet space to soak up the sun, savor the view, or sink your toes into the grass.