Manhattan Residential Leasing Is Booming, But Is It Enough?

With the presidential election behind us and the COVID-19 vaccine on the horizon, renters feel a bit more certain about the market. But is this boom point to a recovering leasing market? Leasing trends were already on a downturn when the pandemic hit in March. Manhattanites were leaving for suburban living. Rental rates spiraled downward to 17.3% lower than those of the previous year. The upward trend is encouraging, but there’s still a lot of inventory and record concessions and vacancies. Whether the lease boom is a mirage remains to be seen.