New York City rents slide as vacancies hit a record
The vacancy rate on rental apartments in Manhattan hit a record 3.67%, more than double the rate a year ago, according to the report from real estate firm Douglas Elliman and appraiser Miller Samuel. It was the highest level in the report's 14-year history.
The number of apartments listed for rent in Manhattan also made a record jump, with inventory up nearly 85% from last year. Available listings in Brooklyn and Queens grew, too, with inventory up 57%and 41%, respectively, from last year.
Meanwhile, the median rental price in Manhattan, $3,378 a month, dropped by 4.7% from last month, reversing all the gains seen in 2019 and 2020.
June also saw the lowest number of new lease signings for that month in a decade, with landlords and brokers offering incentives to entice renters. The report found that 45% of new rental transactions in June included some sort of owner-paid incentives, like one or two months of free rent.
"With the vacancy rate where it is, people have opportunities for deals and lots of properties to look at," said Hal D. Gavzie, executive manager of leasing at Douglas Elliman Real Estate. "The concessions are there, they will be there until we can eat through this inventory."