The lagging and leading indicators in NYC apartment rentals appear to be going in opposite directions.
On the lagging side, apartment rents in Manhattan, Brooklyn and Northwest Queens surged to new record highs in July—the fourth month in a row that Brooklyn has topped the record and the third time in four months that Manhattan and Queens have raised the record bar.
On the leading indicator side, the picture is not so bright: the number of new leases dropped across NYC, with a 27% drop in Brooklyn and a plunge of more than 47% in Queens, according to a new Elliman Report.
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