Real Estate
Manhattan Rental Supply Soars, Pushing Vacancies to a Record
- Rents tumble 7.7% while landlords offer perks in 54% of leases
- Apartments are harder to fill after New Yorkers fled lockdown
Manhattan apartments are piling up on the market -- and it’s getting harder to fill them.
Rental listings jumped to a record 15,025 at the end of August, more then double the inventory from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The borough’s vacancy rate reached a new high of 5.1%. Last August, it was under 2%.