Here's an unexpected surprise. The number of empty apartments available to rent in Manhattan soared to its highest level in recent history this summer. There are more than 13,000 apartments on the market in the heart of New York City, according to a recent real estate report.
Real Estate professionals say this is the most inventory they have seen in Manhattan in 14 years. And yes, that means the biggest year-over-year drop in median rent price in nearly nine years. But before you go apartment shopping, remember that still doesn't make it cheap.
The median rental price for an apartment in Manhattan, including anything from a studio to a 3-bedroom, was $3,320 in July this year, compared to $3,595 last year. The report also said Queens and Brooklyn saw huge spikes in inventory as well, but none as large as Manhattan.
Source: CNBC