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New Apartment Leases Set August Records in Manhattan, Brooklyn, NW Queens
August volume for new apartment leases continued to set some form of record across Manhattan, Brooklyn and Northwest Queens, appraisal firm Miller Samuel said in its monthly report for Douglas Elliman. That being the case, all three markets saw continuing year-over-year declines in net effective median rents, even as they also experienced drops in landlord concessions.
Manhattan apartment landlords recorded 8,201 new lease signings during August, the highest volume for the month since Miller Samuel began keeping track in 2008 and the fourth-highest monthly tally overall.
Similarly, Brooklyn set a new high-water mark for August new lease signings, while the tally for Northwest Queens was the market’s second-highest monthly total, reported Miller Samuel’s Jonathan Miller.
However, Miller wrote that his monthly report “showed a lot of volume as we have seen since the spring, but not as much as expected.” He suggested that the delta variant cooled leasing activity.
- ◦Lease
