July 9, 2020 | Exodus from Big Cities Pressuring Rents and Landlords

More than 10,000 apartments were listed on the market in June, an increase of 85% over June 2019, according to a report from Miller Samuel and Douglas Elliman. The official vacancy rate hit a record 3.67% but is far higher in many buildings, according to brokers.

Analysts say the rising number of empty apartments is due in large part to the lockdown, which prevented brokers from showing apartments until June 22. But the exodus from New York City has left a rising number of vacant apartments and fewer new renters arriving to fill them.  Here is a direct video link.

Danielle Park July 9th, 2020

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