150 days ago • Posted by Charles-Henry Monchau

Manhattan Apartment Rents Dive To Decade Low As Inventory Swells

In a previous Douglas Elliman and Miller Samuel report, it was noted that more than 15,000 empty rental apartments were in Manhattan in August as the inventory of empty units hit 14-year highs. In October, the inventory was still above 15,000, with a vacancy rate around 6.14%, a record high. Downward pressure on rents is expected to continue well into the first quarter of 2021 as restaurant restrictions and nightlife have been muted by strict social distancing restrictions. Employers have yet to call back workers into offices as remote working pushes city dwellers out to the suburbs - source: www.zerohedge.com

Monthly median rent in Manhattan