The percentage of vacant apartments fell in all five boroughs of New York City, compared to the year before — despite competition from a huge number of new luxury apartments opening this year.
Increasing demand from a strong local economy pushed vacancy rates down to 2.3% in Manhattan, 2.0% in Brooklyn, 1.4% in Queens and 1.2% in the Bronx. These low numbers make the vacancy rates on Staten Island (2.9%) and Westchester County (3.4%) look almost high. (They aren’t.)
“The sheer volume of demand will keep vacancy near the lowest levels of the current cycle… Deliveries will peak in 2017, prompting a more robust environment in the years ahead,” according to Marcus & Millichap’s Third Quarter Apartment Report.