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Manhattan rental vacancy rate soars

Empire State Building (Credit: Tetra Images)

Manhattan saw 16,145 empty rental units in October, a slight increase from September and more than triple the amount from October 2019, Crain’s reported. The vacancy rate is now 6.14%, up from 5.75% in September and 2.03% in October a year ago.

By the numbers: Net effective median rents, which take landlord concessions into account, decreased in Manhattan, Brooklyn, and Queens, according to MillerSamuel.

  • Manhattan: Net effective median rent dropped to $2,868, a 5.5% decrease from September and a 15.9% decrease from October 2019. 
  • Brooklyn: Net effective median rent dropped to $2,764. This is a 1.8% drop compared to September and 4.9% drop compared to October 2019. 
  • Queens: Net effective median rent fell 15.4%, from $2,853 to $2,414.

Silver lining: The number of new leases in October surged month-over- month and year-over-year, indicating that the supply of lower-priced apartments may have started to lure people back to the city. Manhattan saw 5,641 leases last month, up from 5,018 in September and 4,236 in October 2019. This marked the highest amount of new leases in October in 12 years. [Crain’s+CNBC]

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