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Manhattan’s Apartment Glut Eases as Renters Race to Sign Leases

  • Inventory of listings is down by more than half since January
  • Pandemic discounts are diminishing as more New Yorkers return
Apartment buildings in front of the Empire State Building in the Chelsea neighborhood of New York, on July 4.

Apartment buildings in front of the Empire State Building in the Chelsea neighborhood of New York, on July 4.

Photographer: Jeenah Moon/Bloomberg

Renters returning to Manhattan are signing leases at a record rate, helping to chip away at a mountain of vacant apartments.

The number of available units dropped 38% in June from the previous month to 11,853, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. While still elevated from pre-pandemic levels, the inventory has been reduced by more than half since January.