Real Estate

Renters return to Manhattan in November, driving 30% gain in leases

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A man enters a building with rental apartments available on August 19, 2020 in New York City.

Eduardo MunozAlvarez | VIEW press | Corbis News | Getty Images

Renters started returning to Manhattan in November, lured by a record drop in rental prices, according to a new report.

The number of new leases in November jumped 30% compared with a year ago, according to a report from Miller Samuel and Douglas Elliman. That marked the strongest November in 12 years, with over 4,000 new leases.

The jump suggests that the outflow of residents from Manhattan, which began in March, may be turning, as lower prices attract new renters and others who are returning to the city after months in suburban or…



Source cnbc.com

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