As the pandemic is starting to subside, this summer could be the last chance for New Yorkers to get in on deflated Manhattan real estate prices. Manhattan prices are de-frosting but are still better than pre-pandemic prices, according to data collected by New York brokerage Douglas Elliman. Meanwhile, in Brooklyn and Queens renters continue to get discounts compared to pre-pandemic prices, while buyers in the less-expensive boroughs paid 10% to 20% more than they would have in 2019.
Take a look at some of Corcoran’s July 2021 key points in their market report:
The Manhattan median rent hit $3,195 in July – up 5% month-over-month and marking the highest median rent charted in nine months.
However, the median rent is still down 6% year-over-year.
There were 10,261 active listings across Manhattan during July – down 35% from the 15,794 in June and 24% year-over-year.
In July, the overall Manhattan vacancy rate was 2.61% (vs. 3.49% in June), a 13-month low due to lower inventory and continued strong leasing activity.
Vacancy rates fell across all neighborhoods except Midtown West – where the figure increased by 0.8%.
8,114 Manhattan leases were signed in July, up 89% year-over-year; both doorman and non-doorman buildings had similar annual gains.
Lease signings were down from the record 8,995 in June, but still a sign available inventory is being absorbed rapidly.
The Upper East Side, Midtown East, Gramercy, and The East Village/Lower East Side had the largest annual gains in leasing activity.
The Brooklyn median rent reached $2,700 in July – up 4% versus June.
The median rent is still down 10% year-over-year. Average rents fell annually across all bedroom types and nearly all neighborhoods except Downtown Brooklyn where landlords have become more aggressive with rents.
There were 5,088 active listings available in Brooklyn during July, down 6% from last month but up 36% versus last year.
The average Brooklyn apartment was on the market for 51 days, down 25% from last month and 45% from last year.
Renters acted fast so they could still secure a good value – as prices increased.
Brooklyn experienced strong leasing activity during July, when 2,111 leases were signed.
This number is up 16% year-over-year but down 17% from June’s record of 2,544.
By bedroom type, the number of leases signed for smaller residences (studios/one-bedrooms) saw the largest annual gains.
Bed-Stuy, Prospect Park South, Crown Heights/Prospect-Lefferts Gardens, and South Williamsburg experienced the largest year-over-year uptick in leasing activity.