POLITICS
Manhattan Rental Market Implodes: Median Rent Plunges Most Ever As Vacancies Hit Record High
POLITICS

Manhattan Rental Market Implodes: Median Rent Plunges Most Ever As Vacancies Hit Record High

Published: July 10, 2020  |  2 min read, 318 words
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It's nost just Manhattan’s housing market that is getting crushed in recent weeks: the city's rental market is also starting to show the damage from a pandemic-fueled exodus. According to Douglas Elliman Real Estate and appraiser Miller Samuel, the borough’s apartment-vacancy rate in June rose to the highest on record. Available listings surged 85% from a year earlier to 10,789,  an all-time high for a single month.Predictably, all that excess inventory has put a dent in pricing with the median rent tumbling 6.6% to $3,242, the first decline in 18 months and the biggest in data going back... READ MORE
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