Signed leases took a dip as Manhattan rents matched an all-time high, and Brooklyn’s again grew over last year.
Tag: NYC
New York City
Manhattan rentals experienced a rebound as we entered 2024. Brooklyn was also on the move.
Current rents are still higher in both boroughs when compared to a year ago.
New leases fell year-over-year, signaling that high prices may be leading many tenants to stay put.
Leasing activity slowed on both sides of the East River — typical for the season.
More units in Manhattan, and slightly lower prices in the outer boroughs, provide plentiful opportunities for renters.
Higher prices haven’t yet caused tenants to pump the brakes.
Mid-summer demand is high for rentals across all corners of the city.
Across the city, rents were up year-over-year for all product types.