Somehow rents went up in Manhattan in April, the deadliest month of the coronavirus pandemic. Here's what it means.
, Manhattan's rental market saw the number of new leases drop to a record low in April compared to the same time last year.In addition, Brooklyn and Queens also saw increases in median rent and huge drops in the number of new listings.In the middle of the coronavirus pandemic, many Manhattan renters have opted to renew their leases for the year as they continue to follow stay-at-home orders. , the number of new leases in Manhattan saw a 70.9% year-over-year decrease to 1,407.
But Manhattan's median rent price actually rose in the midst of these declines, and was up 4.9% compared to April 2019, to $3,650. The rental price per square foot was up 9% to $74.20. In Queens, the number of new leases fell by 64.9% to 100, and in Brooklyn, the number of new leases fell 66.8% to 439.
The tracker found that May's 80.2% was an improvement on April, which saw 78% of rents paid, and a slight decrease from 81.7% in May 2019., the unexpectedly high amount of renters able to make payments in May points to the effectiveness of stimulus checks and expanded unemployment benefits, but some fear that won't continue to be enough.
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