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Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2021

MANHATTAN  There were a record 9,642 new lease signings, more than triple the number in the same period last year and the highest total on record since 2008. After three straight months of heavy new lease signing volume, listing inventory began to decline sharply. The number of listings dropped by…

BROOKLYN  There were 2,141 new leases signed, the highest total for June since 2008 and the third-highest monthly total overall. Net effective median rent, the face rent less landlord concessions, slipped 1.7% month over month to $2,615, the first decline in five months. Listing inventory dropped…

NW QUEENS  The number of new lease signings nearly tripled to 475, the highest June total and the thirdhighest monthly total since 2008. The heavy new leasing volume has helped stabilize rental price trends, reflected in longer lease terms. The average lease length was 16.4 months, 24% longer than in January, when the average…

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