The NYC rental market had an unbelievable run in 2021. Just when many thought it was down for the count, it came roaring back to life.
Tag: rental
In Manhattan, limited inventory and rising rents tempered activity. Brooklyn inventory continued to drop as year-over-year prices increased.
Rents increased year-over-year in both boroughs, but some segments have bounced-back faster than others.
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.
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 Manhattan rental market surged during March: Rents were down across the borough, and contract signings jumped by an average of 220% over 2021.
February was an excellent time to be an apartment-hunter in Manhattan and Brooklyn: Rents dipped across both boroughs, but inventory dropped, too.
Optimism generated by the long-awaited arrival of COVID-19 vaccines may be having a positive effect on the rental market in Manhattan and Brooklyn.