Elegran Insights
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Elegran Insights

Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 10/18/2021

  • Median asking rents are back to 2019 levels
  • Normal seasonality in the rental market is starting to return.
  • The seasonality is returning with a lower amount of new inventory, which has been pushing prices higher.
  • Rental demand is cooling off compared to previous 12-months as the market is limited by decreased inventory, rising prices and a seasonal fall market.
  • September 2021 is the first month that we’ve seen positive price change for all bedroom counts in the same month.
  • Rental prices may move sideways through the winter month.
  • 243 North 5th Street in Williamsburg reported 7 new contracts.
  • 300 West in Harlem reported 5 new contracts.
  • One Manhattan Square in Two Bridges reported 4 new contracts.
  • Vu in Kips Bay reported 4 new contracts.
  • Lantern House in Chelsea reported 4 new contracts.
  • 510 Driggs Avenue in Williamsburg reported 4 new contracts.

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