In Manhattan, there were 24% fewer leases signed in August than a year ago, with a 166% increase in listings available to rent.
The borough's vacancy rate rose above 5% for the first time, according to a report from real estate firm Douglas Elliman and appraiser Miller Samuel. It was the highest level in the report's 14-year history, during which Manhattan's vacancy rate has fluctuated between 1.5% and 2.5%. Over the past four months, the rate has made a steady and steep rise hitting a record each month. These people have left big cities for good.
While all rent levels saw declines, the most significant reductions in rent were in the lower price ranges, Miller said.'Pandemic pricing' is here. Rents are dropping across the USThe median rent for luxury apartments, or the top 10% of apartments by price, was $7,995 in August, down only 0.1% from last year. The lowest tier, with a median rent of $2,250, saw the biggest drop from last year, down 6.3%.
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