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Manhattan rents drop

There were more than 67,300 units available in July across the city, the most apartments available in any month since StreetEasy started tracking rental inventory in 2010, according to the NYTimes. In June and July combined, more than 120,000 apartments were for lease, a nearly 26 percent increase over the same months in 2019.

  • By the numbers: The median rental price there in July was $3,167, a 10 percent drop from July 2019, though New York still has some of the highest rental rates in the world… The vacancy rate in Manhattan climbed to 4.3 percent in July, the highest percentage in at least 14 years and surpassing past records set in June and May
  • The backdrop: The city’s latest unemployment rate, which was released in June, was over 20 percent. And even as New York has contained the virus and bucked forecasts that cases would increase as it reopened, there are fears of a second wave as colder temperatures arrive and people spend more time indoors. [NYTimes]

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