Hopes for a rebound in the fall or the end of 2020 look increasingly unlikely. Although rental prices have come down, the discounts are not steep enough yet to lure new renters back to the city.
The number of empty rental apartments in Manhattan nearly tripled compared with last year, according to a report from Douglas Elliman and Miller Samuel.
Analysts say the rental market is the best barometer of overall strength in Manhattan's real estate market, since rentals account for 75% of apartments and that market reacts more quickly to demand changing than the sales market.has been fueled in large part by Manhattan renters leaving the city. The fall is generally a slow period in the Manhattan rental market, especially before an election, Miller said.
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