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%.

Lease Activity:

  • 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.

Lease Activity:

  • 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.