Manhattan Apartment Vacancy Rates Up!

Good news for renters: vacancy rates are up so you’ll have more choice and things might get a little less frantic. What’s striking about this chart is the fact that current vacancy rates are comparable to December 2007, during the slowest rental period of the year. If this trend continues, we can likely expect to see rental prices declining a bit even in the summer. There are nearly twice as many apartments available now compared to June 2007. Please don’t get the idea that there is some glut of amazing $1900 one bedroom apartments in doorman buildings as my experience indicates that the most desirable and well-priced units are being snapped up as quickly as before.

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About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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