Manhattan had its worst May in a decade for new rental leases, as residents leave the city and the real estate industry remains on lockdown, according to a new report. New leases fell 62% last month, according to a report from Miller Samuel and Douglas Elliman.
May also saw the largest year-over-year increase in new listings in nearly four years, with the number apartments listed for rent in Manhattan jumping 34%, to 7,420. There were more empty apartments on the market last month than at any time since real estate appraiser Miller Samuel started collecting the data in 2006.
This suggests that the shutdown of the real estate market, coupled with New Yorkers fleeing the city, is putting growing pressure on landlords and prices. And there are signs that June won’t be much better.
According to the above-linked report, the largest and most expensive apartments have the highest levels of vacancies.