Manhattan rental market plunges, leaving 15,000 empty apartments in August

[marmar]

The number of empty rental apartments in Manhattan nearly tripled compared with last year, as more New Yorkers fled the city and prices declined.

There were more than 15,000 empty rental apartments in Manhattan in August, up from 5,600 a year ago, according to a report from Douglas Elliman and Miller Samuel. The inventory of empty units is the largest ever recorded since data started being collected 14 years ago, the report said.

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. .......(more)

https://www.msn.com/en-us/money/realestate/manhattan-rental-market-plunges-leaving-15-000-empty-apartments-in-august/ar-BB18SNS5?li=BBnbfcN

[redstatebluegirl]

1. Trump will need to steal even more money for us before he is gone.

Doesn't the only stable income he has come from the rental property his father left him?

[Sherman A1]

2. I believe that NYC is going to face some difficult times ahead

with some similarities to New Orleans post Katrina.

[Crowman2009]

3. They were already way overpriced to begin with.

Not to mention all the money laundering involved from so-called owners of these empty apartments.

[yonder]

4. Isn't Kushner and/or his family heavily inversted in same also?