Hal Gavzie, executive manager of leasing for property group Douglas Elliman, told CNBC that landlords are offering concessions, such as waiving security deposits, and they're being more flexible with renewals to try to keep people from leaving the city, which has been hit hard by the coronavirus pandemic.
The drop in new leases, however, is only part of the picture, Miller said. "In a building, about two-thirds of apartments are renewals, and a third are new leases." The high number of renewals could be why, at the same time, Manhattan saw the highest rental prices ever: The average rental price in Manhattan was up over 7% from April 2019, according to Douglas Elliman-Miller Samuel data. Rental price per square foot also rose 9% to a record high of $72.02. Those rental prices are tied to the public-facing information from new leases, not the private renewals.
The activity in suburban markets outside New York City is not yet showing an increase in movement from city, but there's been an uptick in inquiries, said Miller.
Source: Real Estate Daily Report (realestatedailyreport.net)
What about all the spots opening up in nursing homes?
Apparently not yet
All those AirBnB spots are opening up.
jobs loss, less money, less for rent
wek_inc
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