Real Estate

New leases plunge 62% in May


A medical worker wearing a mask walks past a housing leasing office amid the coronavirus pandemic on May 14, 2020 in New York City.

Alexi Rosenfeld | Getty Images

Manhattan had its worst May in a decade for new rental leases, as residents leave the city and the real estate industry remains on lockdown, according to a new report. 

New leases fell 62% last month, according to a report from Miller Samuel and Douglas Elliman.

May also saw the largest year-over-year increase in new listings in nearly four years, with the number apartments listed for rent in Manhattan jumping 34%, to 7,420. There were more empty apartments on the market last month than at any time since real estate appraiser…


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