With more residents leaving the city, the New York rental market took a beating in June, a new report has found.
The vacancy rate of Manhattan rental apartments hit a record 3.7%, more than double a year ago, according to a 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 rental apartments listed also made a record jump, with inventory up nearly 85% from last year. Listings in Brooklyn and Queens also grew, with inventory up 57% and 41%, respectively.
The median rental price in Manhattan, 3,378 dollars a month, dropped by 4.7% from last month, reversing all the gains since 2019.
June also saw the lowest number of new lease signings for that month in a decade, with landlords offering incentives to entice renters. The report found 45% of new rental transactions in June included some sort of owner-paid incentives, like a month of free rent.