The percentage of vacant apartments fell in all five boroughs of New York City in the third quarter, compared to the year before — despite competition.

November 28, 2017 Comments Off on Fewer Vacant NYC Apartments Views: 1157 New York News, Properties, Top New York Stories

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

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