Manhattan new rentals plunge 71% as coronavirus freezes the market

New leases for Manhattan apartments plunged by 71% in April, and vacancies soared as the rental market froze amid the coronavirus pandemic and more residents left the city, according to a new report.

The number of new leases fell to 1,407, the lowest total in a decade, according to a report from Douglas Elliman and Miller Samuel. The vacancy rate climbed to its highest level in 14 years, according to the report.

The declines were the clearest sign yet in the rental market that Manhattan residents are leaving in the wake of the coronavirus, which has hit the city especially hard and sparked predictions of a mass flight…