Kathianne
08-15-2020, 04:36 PM
People leaving while they can:
https://www.cnbc.com/amp/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html?__twitter_impression=true&s=03
Empty apartments in Manhattan reach record high, topping 13,000
PUBLISHED THU, AUG 13 2020 9:22 AM EDT
UPDATED THU, AUG 13 2020 12:04 PM EDT
Robert Frank
@ROBTFRANK (https://twitter.com/robtfrank)
The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.
The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel. As the number of apartments listed for rent hit 13,117, the number of new leases signed fell by 23%.
July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants, according to the report, which is also a recent high.
While hundreds of thousands of residents left the city in March and April in the beginning of the coronavirus pandemic (https://www.cnbc.com/coronavirus/), brokers and landlords hoped many would start returning in July and August, as the city's lockdown eased and brokers could start showing apartments again. July and August are usually the busiest rental months of the year, as families get ready for school. But July's weakness, and what brokers say is already a slow August, suggests that Manhattan's real estate and economic troubles could extend well into the fall or beyond.
"The outbound migration is higher than the inbound migration right now," said Jonathan Miller, CEO of Miller Samuel, the appraisal and research company.
...
Pandemic, Cuomo's nonsense with nursing homes, violence, graffiti, police morale and response times. . .
Consider Seattle, 'give us your stuff,' 'you didn't build that, we used to build' or something like that.
Chicago, increasing murder rate for years, that has risen over 50% since the 'unrest.' Goodbye city.
https://www.cnbc.com/amp/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html?__twitter_impression=true&s=03
Empty apartments in Manhattan reach record high, topping 13,000
PUBLISHED THU, AUG 13 2020 9:22 AM EDT
UPDATED THU, AUG 13 2020 12:04 PM EDT
Robert Frank
@ROBTFRANK (https://twitter.com/robtfrank)
The number of empty apartments for rent in Manhattan soared to their highest level in recent history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.
The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected, according to a report from Douglas Elliman and Miller Samuel. As the number of apartments listed for rent hit 13,117, the number of new leases signed fell by 23%.
July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants, according to the report, which is also a recent high.
While hundreds of thousands of residents left the city in March and April in the beginning of the coronavirus pandemic (https://www.cnbc.com/coronavirus/), brokers and landlords hoped many would start returning in July and August, as the city's lockdown eased and brokers could start showing apartments again. July and August are usually the busiest rental months of the year, as families get ready for school. But July's weakness, and what brokers say is already a slow August, suggests that Manhattan's real estate and economic troubles could extend well into the fall or beyond.
"The outbound migration is higher than the inbound migration right now," said Jonathan Miller, CEO of Miller Samuel, the appraisal and research company.
...
Pandemic, Cuomo's nonsense with nursing homes, violence, graffiti, police morale and response times. . .
Consider Seattle, 'give us your stuff,' 'you didn't build that, we used to build' or something like that.
Chicago, increasing murder rate for years, that has risen over 50% since the 'unrest.' Goodbye city.