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Elliman Report: Manhattan, Brooklyn & Queens Rentals 3-2020

MANHATTAN Market participants reached full awareness of the global pandemic known as the Coronavirus by mid-March after two significant rate cuts by the Federal Reserve and the statewide shutdown of non-essential businesses. The most important market metric was the substantial drop in…

BROOKLYN By mid-March, there was full market awareness of the global pandemic, and the decline in new lease signings at all price levels became the leading indicator of the abrupt change in market conditions. The number of new lease signings fell 45.7% to 721 from the year-ago period. The decline in new leases on a year over year basis has…

NW QUEENS The number of new leases dropped 33.9% year over year to 216, the most significant decline seen during the eight consecutive months of decline. With limited ability to show apartments for rent, landlords are focusing on higher renewal activity for tenants at the…

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