Apartment vacancies are the highest they’ve been in nine years according to new report recently released by Douglas Elliman. And guess what? Rental prices are continuing to rise. Suck it, basic economic theory.
The median rent for a Manhattan apartment in November was $3,361, which is 4 percent higher than November 2014. As prices continue to shoot up, an increasing number of apartments remain empty. The neighborhoods with the highest vacancy rates? The East Village at 3.2 percent and the West Village at 2.6 percent. NYU has yet to comment on whether or not they'll just turn these empty apartments into dorms.
“There is a significant disconnect between owners’ expectations and tenants’ willingness and ability to pay,” Gary Malin, the president of Citi Habitats said in a statement. “The fact that vacancy rates are the highest in the East and West Villages is strong evidence that for apartment seekers, paying high prices for small spaces no longer adds up.”
Maybe Fran Lebowitz is on to something.