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Manhattan Renters Seeking Discounts Rush to Sign Longer Leases

  • Two-year agreements are popular as landlords push concessions
  • Lower rent is pushing some to plot city return after time away
With Covid cases dropping and employers discussing returns to the office, New Yorkers who’ve been living at a distance are taking advantage of a still-weak rental market to plot their return.

With Covid cases dropping and employers discussing returns to the office, New Yorkers who’ve been living at a distance are taking advantage of a still-weak rental market to plot their return.

Photographer: Michael Nagle/Bloomberg

Renters are piling into Manhattan, and they’re planning to stay for a while.

In May, the number of new leases jumped more than fourfold from a year earlier to 9,491, according to a report on Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s the most new signings for any month in data going back to 2008.