According to a new reports from Douglas Elliman and Miller Samuel for April 2020, new leases for MANHATTAN apartments plunged by 70.9% last month, for BROOKLYN apartments plunged by 66.8%. and vacancies increase as the rental market froze amid COVID 19, and more residents left the city,
According to Douglas Elliman and Miller Samuel report:
- The number of new leases for Manhattan apartments fell to the lowest total in a decade, to 1,407.
- The number of new leases for Brooklyn apartments fell to the lowest total in a decade, to 439.
- The vacancy rate in Manhattan and Brooklyn climbed to its highest level in 14 years.
- The declines were the clearest sign yet in the rental market that Manhattan and Brooklyn residents are leaving the city in the wake of the COVID 19.
By Alex Ammohostianos.