As New York City began preparations for its gradual reopening to business, the number of new Manhattan residential leases signed during the week of May 25 to May 31 rose 14% week-over-week to 367, reported UrbanDigs in its weekly Rental Market Activity Update. That number, however, is a decrease of 59% compared with the same week in 2019.
“[This] suggests renters are slowly but steadily returning to the market as possibilities for viewing and moving expand,” wrote Noah Rosenblatt, founder and CEO of UrbanDigs.
New rental listings are returning to seasonal normals, the company said, down just 8% year-over-year, and dropping 5% compared with the previous week.
