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In Manhattan, the number of empty apartments almost tripled

In order to attract tenants, apartment owners offer new tenants to live for free for several months.

In the most expensive area of New York — Manhattan — more than 15,000 apartments are empty, compared to 5,600 a year ago, according to a report by real estate company Douglas Elliman and Miller Samuel, CNBC reported.

It is noted that the reason for the recession in the real estate market is the coronavirus epidemic — residents of the central districts of New York have massively moved to the suburbs due to the difficult epidemiological situation in the city.

“The rental housing market in Manhattan is in a deep recession and the situation will worsen by the end of 2020,” said CEO Jonathan Miller.

In order to attract tenants, apartment owners have lowered prices by 4-9% (compared to July) and offer new tenants not to pay rent for several months.

So, according to the latest data, a studio in Manhattan can be rented for $2,574 per month (in July the rental price was $2,829, a drop in the cost of 9%), a one-room apartment — for $3445 (3,626 two months ago, a drop of 5%), a two-room — for $4756 ($4954 in July, a fall of 4%).

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