US EditionNYC reports lowest rental vacancy rate since 1960s amid ongoing housing crisis
- The vacancy rate for New York City's most-expensive rentals dropped to 3.4% in 2023, the lowest in almost three decades.
- The lack of availability is most severe at the affordable price points, with vacancy rates below 1% for apartments renting for less than $2,400 and 0.39% for units under $1,100.
- The report suggests that the demand for housing in New York City is outpacing the ability to build housing, and calls for significant public investments, zoning reforms, and more affordable homes to address this issue.
6 Articles
6 Articles
NYC’s Priciest Apartments Hit Lowest Vacancy Rate In 30 Years
(Bloomberg) -- The vacancy rate for New York City’s most-expensive rentals plunged to 3.4% last year, the lowest in almost three decades.Availability of rental units costing more than $2,400 per month fell from about 13% in 2021, according to the latest New York City Housing and Vacancy Survey released Thursday, reflecting a broader housing shortage in the Big Apple not seen since the 1960’s. The plunge in housing availability has been exacerbat…
NYC reports lowest rental vacancy rate since 1960s amid ongoing housing crisis
The amount of vacant rental apartments in New York last year plummeted to the lowest levels they’ve been in decades, per a report released late Thursday by the city, with cheaper units particularly hard to come by. The Big Apple’s net rental vacancy rate dropped to just 1.4%, the worst it’s been since 1968. Between January and June of 2023 a little over 33,210 units were up for grabs out of a total stock of 2.35 million occupied and available re…
The vacancy rate for New York's most expensive rentals plummeted to 3.4% last year, the lowest in nearly three decades. Read more (02/10/2024)
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