Living
Manhattan Bargain-Hunters Drive a 94% Jump in Apartment Leases
- Deal signings surged the most in almost a decade last month
- Freebies, falling rents draw tenants but units still pile up
The vacancy rate was 5.52%. While that’s down from November’s record high of 6.14%, it compares with just 1.81% for December 2019.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Manhattan apartment leases almost doubled last month, a sign that sliding rents and landlord freebies are drawing tenants to New York’s costliest borough.
The number of new deals jumped 94% from a year earlier to 5,459, the biggest annual increase since April 2011, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday.