Real Estate
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.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
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.