June 12, 2020
The average rent for Manhattan apartments declined last month for the first time in a year to $4,144, a 1.8% falloff, appraisal firm Miller Samuel reported Thursday. Conversely, the median rental price in May was up by 1.3% year over year to $3,546, although off by 2.8% from April.
“With the inability of real estate agents to physically show property per state ’shelter in place’ rules, there has been a sharp drop in new lease signings and limited price discovery during the coronavirus crisis,” Miller Samuel’s Jonathan Miller wrote in this month’s report. Lease signings in May were down 62.2% Y-O-Y, although up by 55.7% compared to April.
Residential brokers and apartment property owners fared somewhat better last month in Brooklyn and northwest Queens, according to Miller Samuel’s reports for those markets. Average rental prices in the boroughs were up 2.5% Y-O-Y in Brooklyn and 0.8% in Queens.
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