New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Apartments  | 

Fewer Vacant NYC Apartments

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.

Read More at Marcus & Millichap

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson

Get CRE News in 150 words


Inside The Story

About Connect CRE

New call-to-action
New call-to-action