National Association of Home Builders CEO Jerry Howard is responding to New York City leasing as coronavirus concerns housing demand reform.
The rental homes of Manhattan apartments collapsed last month by most in nearly nine years.
According to a report Thursday from appraiser Miller Samuel Inc. and Douglas Elliman Real Estate quoted by Bloomberg climbed Big Apple’s vacancy rate to a record 4.33% in July
ONE-THIRD OF US GUARD TO MISS AUGUST INTEREST
At the end of the month, 13,100 apartments were rented for rent.
The median cost of apartments in New York City – with concessions – fell 10% to $ 3,167, marking the largest rate of decline in records until October 2011.
Lightning strikes the sky behind Manhattan in downtown and the Empire State Building ahead of the expected arrival of Hurricane Isaias on August 3, 2020. (Photo by Gary Hershorn / Getty Images)
Brooklyn did better than Manhattan, with tenants in the neighborhood slipping just 0.5% from a year earlier to a median of $ 2,902 last month.
However, leases in areas such as Northwest Queens fell by a whopping 60%, bringing the median rent to $ 2,424. Queens relies heavily on his near Manhattan.
The news is sad for landlords trying to keep units full amid the coronavirus pandemic, which resolves a massive exodus in March.
Many who fled the city – hoping to escape the reach of the deadly virus – have stayed somewhere else, making a city for millions feel more like a city for thousands.
In April, 95% made coupe and co-op deals.
By comparison, sales in the suburbs of the Empire State have increased.
CNN Business reported that expected sales for single-family homes on Long Island rose 41%; In Fairfield County, Connecticut, they were up 73%; in Westchester County, New York, they climbed 112%, and in the Hamptons they were 121% higher.
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A newly released survey conducted by the U.S. Census Bureau showed about 34% of tenants – or roughly 23.7 million Americans – have little to no confidence that they can afford their August rent.
August will be the first month since the pandemic began that there has been no federal freeze for evictions in place.
