The number of new residential leases in Manhattan jumped by 112% in February—the most in nearly a decade and the highest level since the Great Financial Crisis, according to DouglasElliman's February 2021 market report.

Rental prices, which have largely plummeted since the pandemic, have had a hand in stimulating leasing, and new lease signings have set record highs for the past five months. In Manhattan, the average rental price in February was $3,791, a 3% decrease from January numbers and a decline of 13.5% year-over-year. Existing price indicators decreased at a higher year-over-year rate than for new development rentals, and doorman new lease signings rose by more than twice the rate of their non-doorman counterparts.

New lease signings more than doubled year-over-over to 6,561 and net effective median rent fell year-over-year for the ninth straight month. Vacancy fell to 5% from 2.01% in February 2020, but was down from its peak of 6.14% in November.  All in all, lower price tranches saw a larger percentage decline in median rent than higher-priced properties.