The Big Apple is hollow at its core.
Vacant rental apartments in Manhattan hit a high point in July amid the coronavirus pandemic – an increase of 122 percent from the same month last year, new data show.
Last month, 13,117 apartments were rented, compared to just 5,912 in July 2019, according to the Elliman Report by real estate experts Douglas Elliman and Miller Samuel.
The hefty number of vacancies in one of the country’s most expensive rental markets is the highest in 14 years of Miller Samuel’s record holding.
The report also shows the number of newly signed leases increased by 23 percent from last July (6,460) to this July (4,949) – although the last total was up from 3,171 new leases signed in June.
The outbreak of COVID-19 has fueled a mass exodus from New York City, with a large number of city leakers seeking safety in the suburbs.
As rental growth increases, rental prices fall, the report said. The median rental price in Manhattan was $ 3,167 in July compared to $ 3,521 in July 2019.
Landlords offer an average of 1.7 months of free rent to attract newcomers.
A similar report by StreetEasy last month found that Manhattan rentals were declining for the first time since 2010.
But living in the city still costs a pretty penny – the average rent for a two-bedroom apartment is $ 4,620 and studios bring in an average of $ 2,668.
.
