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

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

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.

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July 9th, 2020

Posted In: Juggling Dynamite

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