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Elliman Report: Manhattan, Brooklyn & Queens Rentals 4-2020
MANHATTAN With “shelter in place” rules created and enforced for public safety during the Coronavirus global pandemic, the 70.9% year over year decline in new leasing activity fell to a ten-year low of 1,407 since real estate agents have not been allowed to show a property, other than virtually. While there has been some limited traction in virtual showings of rentals…
BROOKLYN The significant decline in new leasing activity as a result of the “COVID–19 shelter in place rules” has distorted rental price trends higher. There was a 66.8% year over year decline to 439 in new leasing activity, inferring a record surge in lease renewals. The expected discounts on rental prices by…
NW QUEENS While the average rental price for new leases jumped 9% year over year to $3,266 for the third record reached in twelve months, the number of new leases fell annually by a record amount. There were 100 new leases this month, down 64.9% year over year for the most significant drop in more than seven years of tracking. The sharp fall in new leases…
