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Manhattan rental prices dropped 10 percent last month

The vacancy rate was also the highest it's been in 14 years.

Will Gleason
Written by
Will Gleason

Looking for a new apartment in the city? Now may be a great time to move. (Or at least a time when you’ll have plenty of options.)

According to data provided by the real estate site StreetEasy to the Times, it’s looking like the largely anticipated dip in New York’s rental market may actually be happening. There were 67,300 units available across the city last month, which is the most amount of available apartments since the site started tracking the market in 2010. (Yikes!) If you combine June and July numbers, there were 120,000 apartments available, a 26 percent increase over those same months last year.

Not surprisingly, these trends have been most pronounced in Manhattan, which has seen many residents decamp to second homes and a large amount of office space go unoccupied in areas like midtown and the Financial District. That greater inventory has resulted in lower prices. Last month, the median rental price was $3,167 in the borough, a 10 percent drop from July 2019. (Though still, admittedly, pretty high!) The vacancy rate was 4.3 percent, the highest it’s been in 14 years.

Other parts of the city have also been seeing record numbers, with Brooklyn’s rental inventory reaching an 11-year high. On the flip side, though, Brooklyn recently overtook Manhattan for the most neighborhoods in the top 50 priciest in the city, so, you know, there’s still definitely a surplus of expensive real estate out there for those looking for it. (And if you are looking for it, you may want to check out these 10 incredible listings with private green spaces and terraces.)

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