Continued slow activity suggests that Manhattan's real estate and economic troubles could extend well into the fall or beyond.
The number of apartments for rent, or listing inventory, more than doubled over last year and set a new record in the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel.
July's weakness, and what brokers say is already a slow August, suggests that Manhattan's real estate and economic troubles could extend well into the fall or beyond.The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.
July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants, according to the report, which is also a recent high.the pandemic "The outbound migration is higher than the inbound migration right now," said Jonathan Miller, CEO of Miller Samuel, the appraisal and research company.
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