Manhattan Apartment Rents Slide After Exodus Empties Buildings
- Vacancy rate tops 3% for the first time while listings surge
- Rents fell 6.6% in June, the most in records dating to 2011
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Manhattan’s rental market is starting to show the damage from a pandemic-fueled exodus.
The borough’s apartment-vacancy rate in June rose to the highest on record. Available listings surged 85% from a year earlier to 10,789 -- an all-time high for a single month, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday.