Real Estate
Manhattan’s Eager Renters Can’t Make a Dent in Apartment Supply
- Vacancies climbed even as leasing reached a record in August
- Landlords rushing to fill units ahead of slower winter months
Manhattan’s construction boom has crowded the borough with so many apartments that even in a month where leasing hit a record, the vacancy rate climbed.
Renters signed 7,061 new leases in August, the most for any month in data going back to January 2008, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Despite all those deals, vacancies climbed to 2.27 percent from 2.14 percent a year earlier, the first annual increase since February.