Apartment vacancies hit record high in Manhattan
NEW YORK - The exodus of people from New York City now means that a record 13,117 apartments have been listed for rent in Manhattan, more than twice as many apartments as were available for rent at this time last year.
According to the Elliman Report from Miller Samuel Inc., the number of vacant apartments is the largest since they began recording data 14 years ago. The number of new leases signed in Manhattan also dropped 23 percent.
Rental prices are also on the decline, as landlords look to entice tenants to move into their buildings. The average rental price for apartments in Manhattan dropped 7.6 percent, although it's still nowhere near cheap. A studio will run an average of $2,668 a month, while a two-bedroom apartment averages $4,620.
The real estate market outside of New York City has been red hot as residents looked to escape the city during the coronavirus pandemic. They are moving to the suburbs, where prices are cheaper and residents have more space.
However, some are now also blaming quality-of-life issues for the masses of people leaving, including the recent spike in gun violence in the city.
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Last year, prior to the pandemic, more people were reportedly leaving the Big Apple daily than any other city in the country.