The number of empty apartments available to rent in Manhattan soared to its highest level in recent history this summer.
There are more than 13,000 apartments on the market in the heart of New York City, according to a real estate report from Douglas Elliman and Miller Samuel. The group says this is the most inventory they have seen in Manhattan in 14 years of keeping track.
July’s spike of 13,117 available units is an increase over June’s inventory of 10,789.
For context, July 2020’s inventory is nearly 122 percent higher than last year; in July 2019 there were roughly 5,900 available apartments.
The group also says July had the biggest year-over-year drop in median rent price in nearly nine years. The median rental price for an apartment in Manhattan, including anything from a studio to a 3-bedroom, was $3,320 in July, and was $3,595 in July 2019.
The report also tracks the Queens and Brooklyn rental market. Both saw huge spikes in inventory, but none as large as Manhattan.
Moving help website HireaHelper.com released results of a recent study on 2020 moving trends.
Their study also found high-rent cities like San Francisco and New York saw more people leaving than moving in; both cities had 80 percent more people moving out of the area than moving in. New York as a state had 64 percent more people leaving than moving in.
Click here to see where people are moving to according to the study.