Elliman Report: Manhattan, Brooklyn & Queens Rentals 12-2020

MANHATTAN  Since the end of the COVID lockdown, the sharp drop in rents began to impact new lease signings in the fall. From October through December, the number of new lease signings surged annually to the highest total for their respective months since the financial crisis. The combination of higher inbound migration and tenants circling the…

BROOKLYN  The decline in rents began to stimulate more new lease signings in the fall. The number of new leases signed in December was the most for a December since the financial crisis. The net effective median rent, the face rent less landlord concessions, fell by a record 11.4% to $2,564 from the same period last year and was the sixth straight month…

NW QUEENS  The northwest region of Queens is showing signs of renewed activity as rental prices continued to drop. The number of new leases jumped 33.8% year over year to 269, but that also represented a 47% surge from November. The continuing decline in rental prices has stimulated a higher level of activity after the COVID lockdown ended. The net effective median rent, the face rent less…

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