Manhattan rents plummet 10% after COVID-19 exodus
Coronavirus tanks New York apartment leasing
National Association of Home Builders CEO Jerry Howard comments on New York City leasing as coronavirus worries reshape residential demand.
Manhattan apartment rents plunged last month by the most in almost nine years.
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According to a Thursday report from appraiser Miller Samuel Inc. and Douglas Elliman Real Estate cited by Bloomberg, the Big Apple borough's July vacancy rate climbed to a record 4.33%
ONE-THIRD OF AMERICANS EXPECTED TO MISS AUGUST RENT
There were 13,100 apartments listed for rent at the end of the month.
The median charge for apartments in New York City — with concessions — dropped 10% to $3,167, marking the biggest rate of decline in records dating to October 2011.