New Yorkers return to the Big Apple after easing of most restrictions – Telemundo New York (47)

New Yorkers are returning to the Big Apple in the wake of most restrictions being eased, but what about rents? Are they still down?

According to the new monthly market report from brokers DouglasElliman and appraisers Miller Samuel, just over 9,000 new apartment leases were signed in the city in April, the highest number ever recorded in a month.

But all of that demand came at a cost to homeowners. The “average net effective rent,” or rents minus homeowners concessions, was reduced to $ 2,791.

That’s about 21 percent less year-over-year, and it’s also a drop of more than 6 percent in just one month, the biggest month-over-month decline in New York City apartment rents since 2008.

The surge in demand as the city reopens is evident: From March to April alone, the number of new lease signings increased 82 percent in Manhattan, 71 percent in Brooklyn, and 224 percent in Queens. .

Yet rents are plummeting as landlords cut prices and make offers to attract tenants. With the exception of three-bedroom units in Queens, where prices actually rose slightly year-over-year, median rents were down otherwise double digits across the board, according to the report.

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