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Manhattan Renters Seeking Deals Send Leasing to a Record for May

  • Share of new signings with landlord incentives doubles to 25%
  • Brooklyn leases also at a May record in supply-heavy market
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Photographer: Jin lee/Bloomberg

It’s a renter’s market in New York City, and apartment-seekers jumped in last month to get themselves a deal.

In Manhattan, the number of newly signed leases climbed 17 percent in May from a year earlier to 5,969, the biggest total for the month in nine years of record-keeping, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. In Brooklyn, new apartment contracts surged 23 percent to 1,460, also the biggest total for the month in data going back to 2008.