13,000 vacant Manhattan apartments are vacant – the highest number in 14 years

© Drew Angerer / Staff / Getty Images
Drew Angerer / Staff / Getty Images

• There were more than 13,000 apartments for rent in Manhattan in July, according to a report by the company Douglas Elliman, the highest number in 14 years.
• Other districts like Brooklyn also see higher ads for higher than average available hair, although the hairs have been more sticky.
• July and August are usually the busiest months for new leases, as families prepare for school.
• While real estate in New York may be fighting, other areas of New York State are doing well in the real estate market.

When New Yorkers leave the city to dispel the coronavirus pandemic elsewhere, more than 13,000 apartments are for rent in Manhattan alone – a record number – according to Douglas Elliman’s latest monthly report on real estate.

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The vacancy rate is the third monthly record in a row, and the highest in 14 years that the company has followed the market. Thanks to the demand surplus, rental homes are down about 7.6%, the report says – although the average rent is still expensive at $ 3,620 for a two-bedroom.

Brooklyn also sees higher advertising for higher-than-average hair, at 3,639 in July 2020, up from 1,976, the report said, although rental prices have not fallen as dramatically as in Manhattan.

July and August are usually the busiest months for new leases, as families prepare for school. Realtors and landlords were able to run ads again, hoping that stay-at-home orders would be lifted.

“Outbound migration is higher than incoming migration at the moment,” Jonathan Miller, CEO of Miller Samuel, an appraisal and consulting firm, told CNBC. As demand continues to fall, brokers offer various incentives – such as gift cards, cleaning services, and even waiver of fees to brokers – to close deals, he said.

Landlords also provide incentives, offering an average of 1.7 months of free rent, according to the report.

While New York City may be struggling, other areas of New York State are doing well. In Westchester County, just north of the five boroughs, “total household sales were 112% higher than last year, with those exceeding $ 2 million more than square feet.”

Video: Brokers say many are looking for more space at home, seeing suburban areas amid pandemic (CBS Chicago)

Realtors say many are looking for more space at home, considering suburban areas amid pandemic

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