Property News · September 19, 2017

Manhattan's eager renters can't make a dent in flats supply


Manhattan’s construction boom has crowded the borough with so many apartments that even in a month where leasing hit a record, the vacancy rate climbed.
Renters signed 7,061 new leases in August, the most for any month in data going back to January 2008, according to a report Thursday by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate. Despite all those deals, vacancies climbed to 2.27 per cent from 2.14 per cent a year earlier, the first annual increase since February…

Source : South China Morning Post
Read more…Manhattan’s eager renters can’t make a dent in flats supply

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