The number of Manhattan resi leases signed hit a nine-year high The influx of new development is driving up inventory: report
Clockwise from bottom left: 50 West Street #50D, 125 Court Street #6NE, 61-55 Junction Boulevard 21C, 222 East 32nd Street
The number of new residential leases signed in Manhattan reached 7,061 in August, a 12 percent increase over last year and a nine-and-a-half year high, according to the new monthly rental report from Douglas Elliman.
However, according to the report, the annual vacancy has gone up in the borough, driven by an increase in new development inventory.
“We are seeing a pushback on renewals,” said Jonathan Miller, the上海龙凤论坛