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The coronavirus has decimated the number of new leases signed in New York City, but even a lack of agreements and a global pandemic cannot stop the city’s rents from rising.
In Manhattan, the number of new leases signed in April fell 70.9% from the same period last year to 1,407, the lowest number of new leases recorded in a decade, according to a report Thursday by Douglas Elliman.
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“New rental business has declined at record rates due to the Covid-19 shutdown, while lease renewals market share has increased as tenants sought relief,” the report says, which does not provide no data on the number of lease renewals.
However, median rental prices, meanwhile, rose 4.9% to $ 3,650.
While high-end markets are often more resilient in times of uncertainty, Manhattan luxury rentals – defined as the richest 10% in the market – have not been immune to the effects of the coronavirus.
Reflecting the broader market, new high-priced rentals were down 71.1% in April compared to 2019, with new leases signed for just 142 luxury properties.
Median high-end prices rose 5.5% to $ 8,650.
It was a similar story in Brooklyn and Queens.
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Kings County registered just 439 new leases in April, an annual decline of 66.8%, according to Douglas Elliman.
“Lease renewal activity has increased in response to the sharp decline in new leasing activity caused by Covid-19 shelter-in-place rules, skewing overall trends in new rental prices to the rise, â€the report said.
Median monthly rents in Brooklyn jumped 14.4% last month to $ 3,259, a record for the borough.
In Queens, just 100 tenants signed new leases last month, a 64.9% drop from a year ago and the largest percentage drop in more than seven years, according to the report.
Median prices, meanwhile, reached $ 2,970 in the borough, up 4.2% from last year.
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