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IPFS News Link • Housing

Manhattan Rental Market Sees Another Record Plunge For August With 15,000 Empty Apartments

• by Tyler Durden

The numbers are staggering according to new analysis featured in CNBC, with the number of apartments sitting empty in once hot and sought-after Manhattan nearly tripling compared to the same month last year. 

"There were more than 15,000 empty rental apartments in Manhattan in August, up from 5,600 a year ago, according to a report from Douglas Elliman and Miller Samuel," CNBC writes. "The inventory of empty units is the largest ever recorded since data started being collected 14 years ago," it emphasized. 

The surge in empty apartments was widespread across the borough. Declines in new leases were seen across the board, from the high to low end segments. The plunge continues from July numbers which registered at 13,000 empty apartments, which was already a record. The average rental price of a two-bedroom apartment sits at about $4,756/month.