Manhattan apartments have been emptying out since the pandemic began, and they’ve reached their highest point in 14 years with a grand total of 16,145 listings in Manhattan.
Real estate firm Douglas Elliman releases a report each month detailing NYC rental market data and trends, which COVID-19 has drastically affected. In October’s report, released earlier this month after the numbers were analyzed, reveals a 16,145 listing inventory that has tripled from the same time last year, plus a 6.14% vacancy rate that set a new record for the sixth month in a row.
Brooklyn also saw record vacancies, as October’s 4,361 number also tripled year over year, and has set a record for the fourth month in a row.
Still, these numbers are accompanied by an increase in new leases, which show that some apartments are indeed succeeding in getting tenants back, albeit at a slower rate. Rents are currently at a 10-year low, hoping to entice some people to return and fill those apartments, and is seems to be working. Manhattan saw the first increase in signed leases since July, rising by 33.2% since the same time last year, while Brooklyn saw a 20.9% increase in new leases year-over-year.
You can see the full report for yourself here.
featured image source: Shutterstock