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Manhattan rents slide

The number of apartments listed for rent in Manhattan reached record levels in June, as brokers remained unable to host showings amid the coronavirus pandemic and more renters left the city, according to Miller Samuel.

  • By the numbers: Available listings surged 85% from a year earlier to 10,789 — an all-time high for a single month. The official vacancy rate hit a record 3.67%, but is higher in many buildings.
  • All the inventory put a dent in pricing: The median rent slid 6.6% to $3,242, the first decline in 18 months and the biggest in data going back to October 2011. In an effort to fill all those vacant apartments, landlords are dropping prices and offering ever-larger incentives. The average rental price, including concessions, fell 8% in June. [CNBC]

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