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MANHATTAN RENTAL MARKET VACANCY REACHES HIGHEST LISTING IN 14 YEARS

As of September (end of market Q3), the Manhattan luxury rental market is listed as at 5.75% vacancy. That is a .75% rise since august which topped off at around 5% yet still climbing at that time. This is in spite of a report on Thursday from Douglas Elliman, stating that landlords have been seeing a record share of concessions.

 

This is in contrast to neighboring boroughs of Brooklyn & Queens which actually saw a rise in sales during Q3. This rise in vacancies is the largest Manhattan has had since 2006.

 

The author of the Douglas Elliman report, Jonathan Miller of Miller Samuel, in an article from ‘Mansion Global’ reported that:

 

“Listing inventory—the number of units available for rent—in Manhattan more than doubled from a year ago, to 15,923. However, it was up 6% on a monthly basis, a sharp drop from the previous months when inventory piled up because of the Covid-19 lockdown”

 

Meanwhile in regards to the Brooklyn-Queens market, Miller had this to say in ‘Mansion Global’:

 

“The sales in these two boroughs dropped sharply because of the Covid-19 lockdown, but the pricing showed stability, remaining close to record highs,”

 

Given the events of the COVID-19 crisis and the previously reported drop in luxury apartment sales, it’s no surprise that such vacancies have occurred.

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