December 11, 2020
Manhattan’s apartment rental market may have turned a corner toward recovery, according to the latest report from Miller-Samuel’s Jonathan Miller for Douglas Elliman. With 4,015 signings, the borough saw its busiest November for new leases in more than a dozen years, while listing inventory registered its first monthly decline since the onset of the COVID-19 pandemic.
Listing inventory fell from 16,145 units in October to 15,130 last month, Millr reported. Driven in part by increasing affordability, lease signings in Manhattan were up 29.7% from the year-ago period. That compares to a 27.8% year-over-year increase in Brooklyn and 21.6% in Northwest Queens.
November saw the largest year over year decline in net effective median rent across Manhattan in more than nine years. The 17.9% Y-O-Y declines in net effective median rent for all bedroom sizes—from $3,600 in November 2019 to $2,957 last month—were the largest on record.
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Tags: Apartments & Multifamily, Lease
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