Empty flats in Manhattan attain file excessive, topping 13,000
The variety of empty flats for hire in Manhattan soared to their highest degree in current historical past, topping 13,000, as residents fled the town and landlords struggled to seek out new tenants.
The variety of flats for hire, or itemizing stock, greater than doubled over final yr and set a brand new file within the 14 years since knowledge began being collected, in keeping with a report from Douglas Elliman and Miller Samuel. Because the variety of flats listed for hire hit 13,117, the variety of new leases signed fell by 23%.
July additionally noticed the most important fall in rental charges in almost a decade, dropping 10%. Landlords at the moment are providing a mean of 1.7 months of free hire to attempt to lure tenants, in keeping with the report, which can also be a current excessive.
Whereas lots of of hundreds of residents left the town in March and April at first of the pandemic, brokers and landlords hoped many would begin returning in July and August, as the town’s lockdown eased and brokers might begin displaying flats…