December 10, 2020

Tenants sign leases in record numbers but rents stay down

In Brooklyn, new leases signed last month were up nearly 28 percent, with 1,122 deals compared to last year’s 878.

The median net effective rent in Brooklyn was $2,619, down 8 percent from $2,855 a year ago. Inventory also remained elevated with more than 4,130 apartments on the market, a nearly 170 percent jump from the prior year’s inventory of 1,535 units.

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