Few Vacancies for NYC Apartments

The percentage of vacant apartments in New York City is now the smallest it has been in nearly two decades.

Developers opened 5,852 new apartments in Manhattan over the 12 months that ended in the second quarter. They opened another 6,033 new apartments in Brooklyn. But that wasn’t enough to meet the growing demand from people want to live in the City. The number of jobs in Manhattan grew by 47,200 in 2016. The number of jobs in Brooklyn grew by 13,100.

“Surging housing formation pushes vacancy to multiyear lows,” according to the third quarter report from Marcus & Millichap, which puts the vacancy rate in Manhattan at 2.3%, down 30 basis points from the year before. Brooklyn’s vacancy rates was just 2%.

“Vacancy will remain compressed, allowing further rises in rental rates as the pace of completions falls beyond 2017,” according to M&M.

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