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Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2020

MANHATTAN As the rate of price declines has accelerated, new leasing activity surged year over year for the second straight month resulting in the highest new leasing total for November since the financial crisis. New lease signings jumped 29.7% to 4,015 from the same period last year. The heavy rental volume resulted…

BROOKLYN Net effective median rent declined year over year at a rising rate for the fifth straight month to the lowest level in nearly two years. Net effective median rent, the face rent less landlord concessions, fell 8.3% to $2,619 from the same period last year and has fallen 18.1% from April, the first…

NW QUEENS Unlike Manhattan and Brooklyn, the Northwest Queens rental market is seeing the combination of falling rents and a decline in new lease signings. The number of new leases declined year over year for the sixteenth straight month, falling 21.5% to 183. Listing inventory jumped…

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