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New York Renters Move at Frenzied Pace in Search of Deals

The number of new apartment leases signed in Brooklyn increased more than fourfold from a year earlier to 1,079. — The number of new apartment leases signed in Brooklyn increased more than fourfold from a year earlier to 1,079.
Photographer: ullstein bild via Getty Images

By

Oshrat Carmiel

June 11, 2015, 4:01 AM UTCUpdated onJune 11, 2015, 3:04 PM UTC

New York renters were on the move in May, fleeing their apartments to escape rising costs and seek better deals elsewhere in the city.

The number of new apartment leases signed in Brooklyn increased more than fourfold from a year earlier to 1,079, and new deals in Queens more than doubled to 259, according to a report Thursday by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. In Manhattan, new rentals jumped 85 percent, the most in more than four years.