The number of vacant rental apartments in Manhattan is higher than it has been in 14 years. This is what the appraisal firm Miller Samuel and the brokerage firm Douglas Elliman report.
As of August, there were 15,025 rental apartments in the Big Apple on the market. That is 14.5 percent more than in July and three times as many as in August 2019.
The vacancy rate in the popular New York district is over 5 percent – a record.
Manhattan has a record vacancy rate and the highest supply of rental apartments in 14 years. That writes the appraisal company Miller Samuel in a report for brokerage firm Douglas Elliman.
In August, there were 15,025 rental apartments in New York City’s most famous district on the market – over 2000 more than in July. Compared to August last year, the number of available rental apartments almost tripled. At that time there were 5,645 apartments on the market.
The high number of available rental apartments in Manhattan is a record. In 14 years that Miller Samuel prepared his monthly reports, it was never this high. The vacancy rate of 5.1 percent is also a record.
There are more rental apartments available in other parts of New York City as well. In Brooklyn it was almost 4,000 in August, 130.5 percent more than a year ago. In Northwest Queens there were 642 rental apartments on the market, an increase of 78.3 percent compared to the previous year.
The corona pandemic is driving people out of New York City
The reason for the many vacant rental apartments in New York City is the corona pandemic. Many people left the city because they lost their jobs during the pandemic and could no longer afford their rent.
Young people in particular are affected. According to a recent poll 52 percent of 18 to 29 year olds in the US currently live with their parents – a record.
Jonathan Miller, President and CEO of Miller Samuel, told Business Insider that for many people who left New York City in March or April, there was “no incentive to come back” during the pandemic. It is too uncertain whether the schools in the city will remain open and whether there will be the possibility of working from home in an emergency.
“It will be a while before demand picks up again,” Miller told Business Insider. “One of the milestones will be the point at which there will be a corona vaccine. Until then there will simply be a lot of uncertainty. ”
This article was translated from English and edited by Josh Groeneveld. You can do the original here read.