Manhattan rents cross $5k threshold for first time

Re:Manhattan rents cross $5k threshold for first time by ch4s3 on Thursday July 14, 2022 @12:31PM (#32098202)

This is a well studied idea, the percentage of units sitting empty is a round error in the total supply of housing. At the start of the pandemic there were a paltry 4000 vacant condos. For reference there are 2.3 million apartments in the city.

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Re:Manhattan rents cross $5k threshold for first time by m0llusk on Thursday July 14, 2022 @01:12PM (#32098805)

That is not directly related. People and institutions holding residential units for investment purposes usually rent them out.

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Re:Manhattan rents cross $5k threshold for first time by ch4s3 on Thursday July 14, 2022 @02:35PM (#32099842)

Then they're on the rental market and don't contribute to a shortage in supply.

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Re:Manhattan rents cross $5k threshold for first time by thfuran on Thursday July 14, 2022 @12:48PM (#32098467)

But how many vacant apartments were there (or how many total condos)?

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Re:Manhattan rents cross $5k threshold for first time by ch4s3 on Thursday July 14, 2022 @02:34PM (#32099823)

The vacancy rate of apartments is just at or under 4.5% which is considered a very tight rental market. I don't have the total condo numbers readily at hand.

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