Manhattan Vacancy Rate Climbs, and Rents Drop 10%

Manhattan Vacancy Rate Climbs, and Rents Drop 10%
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There were more than 67,300 units available in July across the city as it tries to rebound from the coronavirus outbreak.

The number of apartments for rent in New York City has soared to the highest rate in more than a decade, a sign that a notable number of residents have left the city because of the outbreak, at least temporarily, potentially creating a new obstacle to reviving the local economy.

There were more than 67,300 units available in July across the city, according to StreetEasy, the most apartments available in any month since the listing site started tracking rental inventory in 2010.

In June and July combined, more than 120,000 apartments were for lease, a nearly 26 percent increase over the same months in 2019.

The surge in supply has driven down rental costs across the city and forced landlords to offer generous concessions, including up to three months’ free rent and paying the expensive fees brokers command.

Source: New York Times

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