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Rental vacancy rates drop

Empire State Building (Credit: Tetra Images)

Rental vacancy rates in Manhattan dropped last month for the first time since the onset of the pandemic, Crain’s reported. Listing inventory fell from 16,145 in October to 15,130 in November. Manhattan also had 4,015 new leases signed – the highest number in more than 12 years, according to a new Miller Samuel report.

  • Dig Deeper: Net effective median rent saw its largest year-over-year decline in more than nine years, dropping 21.7%, from $3,502 in November 2019 to $2,743 in November 2020. Despite the record number of people renting apartments, the borough’s vacancy rate remained unchanged month over month at 6.1%, a sharp increase from the roughly 1.8% vacancy rate in November 2019. The record number of new leases and decline in rent are strongly connected, as cheaper apartment options are the main factor driving activity in Manhattan.
  • Brooklyn’s rental numbers: New leases were up from 878 in November 2019 to 1,122, which is also the highest they had been in more than 12 years. Listing inventory dropped slightly as well, falling from 4,361 in October to 4,134 in November. However, this is still a huge increase from the 1,535 empty apartments in Brooklyn in November 2019. Net effective median rent dropped year over year as well but not as sharply as in Manhattan. It fell to $2,619, an 8.3% decrease. [Crain’s]

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