Empty Manhattan Apartments Hit Record Levels

According to reports published, New York City rentals experience worst June in more than a decade amid the COVID-19 crisis.

Over 10,000 apartments were listed as available in June according to a report on CNBC. This represents an increase of 85% over June 2019, based upon the numbers from Miller Samuel and Douglas Elliman. Currently, the vacancy rate hit a record 3.67% but is believed to be much higher. The COVID-19 lockdown is seen as the reason for this historic blight. Some say that the paucity in new rentals was due to the restrictions placed on agents preventing them from showing apartments, but clearly there is an urban exodus from the Big Apple.

Now landlords, in an effort to fill the vacant apartments, are scrambling for renters and dropping rents by as much as $4,000 on what would have been priced at $10,000 a month. The published report indicated that the average rental price fell 8% in June. Notwithstanding, the NYC one-bedroom still costs $3,400, on average. Common incentives offered by landlords were up to 1-2 months free rent with each agreement.

Agents are finding that families normally renting in the city have fled the city for the suburbs where they have more space, fewer people and a yard to boot.

New three-bedroom rentals in Manhattan fell by 42% in June when compared with 2019. Downtown Manhattan and the East Side have also been hard-hit, with a 41% decline in rentals downtown and a 49% drop on the East Side.