It looks like New York City could be on its way back up.
According to the most recent rental report from Douglas Elliman, both Manhattan and Brooklyn saw surges in new lease signings in January.
In fact, both boroughs had the most new leases during the month of January since 2008.
Manhattan had 6,255 new leases signed in January, which is up 57.6% from January last year, which had only 3,969 new leases signed in Manhattan, according to the report.
Meanwhile, Brooklyn had 1,546 new leases signed in January, compared to 1,060 new leases signed in January last year. That’s a 45.8% increase from January 2020, according to Douglas Elliman.
The report also said that Brooklyn has been seeing new lease signings rise for the third month in a row.
Both boroughs have seen increases in new lease signings – which does not include lease renewals – because of “the continued decline in net effective median rent, record concessions and high vacancy,” the report said.
Because of that flight, rental prices are down.
According to the Douglas Elliman report, median rental prices in Manhattan are down 16.6% compared to last year and median rental prices in Brooklyn are down 13% compared to last year.
“The enhanced affordability caused a surge in new lease signings since September as tenants moved around the city looking for better deals, and inbound migration has expanded,” the report said.