NEW YORK (WCBS 880) — More than 16,100 apartments in Manhattan ended up up for rent previous month — the optimum range of vacant apartments the borough has recorded in 14 decades, in accordance to a report.
Manhattan’s rental inventory stood at 16,145 in Oct, up from 15,923 in September, according to a newly-unveiled Douglas Elliman report.
That October determine was the greatest rental stock Manhattan has logged in 14 many years, the New York Publish documented.
New leases in Manhattan, however, “surged to the best Oct total in 12 years, as falling rents are commencing to pull tenants back again to the metropolis,” Douglas Elliman’s report said.
And in Brooklyn, new leases “surged to the 2nd-best October whole in twelve a long time, as falling rents expanded marketplace exercise,” the report mentioned.
Northwest Queens, meanwhile, reported a drop in both equally new lease signings and rents, the report showed.