The COVID 19 “Market Freeze” – Manhattan & Brooklyn Rentals Plunge by 66.8 to 70.9%…

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.

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