Empty apartments in Manhattan reach record high, topping 13,000

[Lexy]

The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.

The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel. As the number of apartments listed for rent hit 13,117, the number of new leases signed fell by 23%.

July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants, according to the report, which is also a recent high.

While hundreds of thousands of residents left the city in March and April in the beginning of the coronavirus pandemic, brokers and landlords hoped many would start returning in July and August, as the city’s lockdown eased and brokers could start showing apartments again.

https://www.cnbc.com/2020/08/13/empty-a ... 13000.html

[Deleted User 1616]

"The average rental price for a two-bedroom apartment is $4,620"

I wonder why people wouldn't want to pay this much for their sardine can in a high crime shut down city?

[DSamuels]

"The average rental price for a two-bedroom apartment is $4,620"

I wonder why people wouldn't want to pay this much for their sardine can in a high crime shut down city?

Don’t confuse them with facts and common sense. People should be ECSTATIC to pay any price to live in NYC!

Now I wonder if these are the people who fled the city the gov is begging to come back. Maybe they aren’t just vacationing, maybe they actually left. Hmmm

[WellPreserved]

I'm not surprised, but it's not just NYC. In my county, we have seen an incredible spike in home/farm sales since March and why not? It's a beautiful place to live, COL is low, internet is amazing for most residents, and you can have goats! I'm not seeing many from NY but we are pretty far south. I am seeing an incredible influx of people from other, more southern urban areas. The business owners in our county are stoked but other residents see the writing on the wall - land prices going up, taxes increasing, and political demographic of the town changing. They faced this in the 70s when there was the big draw for rural living so they're used to it. It will be interesting to see how rural areas deal with the influx of urbanites.

[Deleted User 1616]

I'm not surprised, but it's not just NYC. In my county, we have seen an incredible spike in home/farm sales since March and why not? It's a beautiful place to live, COL is low, internet is amazing for most residents, and you can have goats! I'm not seeing many from NY but we are pretty far south. I am seeing an incredible influx of people from other, more southern urban areas. The business owners in our county are stoked but other residents see the writing on the wall - land prices going up, taxes increasing, and political demographic of the town changing. They faced this in the 70s when there was the big draw for rural living so they're used to it. It will be interesting to see how rural areas deal with the influx of urbanites.

because the left voted for the shitty conditions they are fleeing from. don't spread the liberal virus else where, they wont change their mentality, so they will ruin the nice areas for everyone else.

[Della]

"The surge in empty apartments in the nation’s largest rental market is likely to have ripple effects throughout the economy. Housing experts estimate that about half of Manhattan’s apartment rentals are owned by small business owners, rather than large publicly traded companies or the big, well-funded real estate families. As the small landlords lose income, they may be unable to pay property taxes, which is New York City’s largest source of revenue. A drop in property taxes could result in cuts to services, which could make New York less attractive to new residents."

Those large, publicly traded companies and the big, well-funded real estate families will scoop them up.