Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2020

MANHATTAN  The decline in new leases during the lockdown that began in mid-March continued, falling 35.6% to 3,171 from the year–ago period. The sharp year over year drop in new leasing activity matched the timeline of the crisis with a 37.7% decline in March, a record 70.9% decline in April and a 62.2% decline in May. Much of the landlord…

BROOKLYN  While price trend indicators showed mixed year over year results, the number of new leases declined annually for the ninth straight month. There were 1,071 new leases signed in June, down 9.1% year over year, to the lowest rate in five months. While median net effective rent, comprised of face rent less landlord concessions, rose 1% to $2,944 year over year…

NW QUEENS  After the highest and second-highest declines in new lease signings in the previous two months, the large but reduced decline was unexpected. New lease signings fell 34.7% to 175 from the year–ago period after the record decline of 64.9% in April and 60.7% decline in May. All price trend indicators fell year over year from…

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