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Rental activity declines

Manhattan had its worst May in a decade for new rental leases, as residents leave the city and the real estate industry remains on lockdown, CNBC reported. New leases fell 62% last month, according to a report from Miller Samuel and Douglas Elliman.

  • Worth NotingMay also saw the largest year-over-year increase in new listings in nearly four years, with the number of apartments listed for rent in Manhattan jumping 34%, to 7,420. There were more empty apartments on the market last month than at any time since Miller Samuel started collecting the data in 2006.  
  • By the numbers: The vacancy rate of 2.88 percent was up from 1.65 percent during the same period in 2019. It was 2.42 percent in April. Agents will be able to begin showing apartments as part of phase two of reopening, which is expected to be sometime in July. [CNBC+TRD]

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