Manhattan’s empty apartments: New leases plunge 62% in May
June 12, 2020
Article by: Robert Frank
- Manhattan had its worst May in a decade for new rental leases, falling 62%, according to a new report from Miller Samuel and Douglas Elliman.
- May also saw the largest year-over-year increase in new listings in nearly four years, with the number apartments listed for rent in Manhattan jumping 34%, to 7,420.
- The rising inventory suggests prices could be under pressure when the real estate industry reopens, likely in late June or early July.
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