NEW YORK — A new report shows apartment vacancies in New York City are up and rental prices are down.
The metro area, which was once considered the epicenter of the virus in the U.S., endured a nearly three-month lockdown as it got a handle on surging cases.
Amid the coronavirus pandemic, many companies have allowed their employees to work from home for the foreseeable future, causing workers to stay home or return to family residences elsewhere in the country where cost of living is lower.
As a result, a record 13,117 apartments were listed for rent in Manhattan in July -- the highest number of vacancies since data started being collected 14 years ago. Only 5,912 apartments were listed as available at this time last year.
According to a report by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants, rents have fallen about 7.6% since July 2019. New leases signed has fallen by 23%.
“The outbound migration is higher than the inbound migration right now,” Jonathan Miller, CEO of Miller Samuel, told CNBC. “This could be a difficult couple of years for landlords.”
Still, rents in Manhattan are higher than most other places in the nation. The average cost of a one-bedroom apartment is $3,498, and a three-bedroom generally goes for around $6,764.
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