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NYT Real Estate: Signs of a Manhattan Rental Market Recovery

This weekend’s New York Times Real Estate Calculator column [1] provides a visualization of the recent rental market results in The Elliman Report: October 2020 Manhattan, Brooklyn & Queens Rentals [2]

The Manhattan changes were the most interesting to me – record highs set for the vacancy rate, concession market share, concession amount, yoy% change in median net effective rent overall, studio, 1-bed, & 2-beds. Yet we saw for the first time in fourteen months, a jump in YOY% new lease signings and the highest October new lease signing total on record.

The significantly weaker rental market final hit a point that caused demand to begin to flood back into the market.

[1]
[click to open article]

[3]

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