Manhattan apartment rents are now the lowest it's been since 2013, with over 15,000 vacant apartments.
That number is continuing to grow as more and more people are prioritizing space in case of another stay-at-home order is placed or because they've been told their company is working from home until 2021. Because of this, rent prices are now the cheapest they have been in the borough for the past seven years, Bloomberg reports.
According to a recent report by Douglas Elliman Real Estate, the median rental price in Manhattan has decreased 7.1% year over year. Landlords are also now giving perks to renters like months of free rent or gift cards, subscription deals, gym memberships and more. Including those, the median rent fell 11% which is the lowest it has gone in over seven years.
These prices are mostly for luxury or at least higher-end buildings. Studio apartments have dropped 17.1% to $2,184 and one bedrooms have dropped 14.7% to $2,977. The number of new leases sighned remains the same since last year, but the amount of new listings has grown to 15,923. Triple of what it was last year, marking it as the highest amount of apartment listings in Manhattan in 14 years.
Take a look at the full report, including stats for the rest of the boroughs, here.