Manhattan rent at a seven-year low, listings at all-time high

  • The median rent in Manhattan plummeted 11% to $3,036 last month — the lowest its been since 2013.
  • The lower rents, accompanied by a number of concessions, are a result of record-high apartment vacancies, according to a report from Miller Samuel and Douglas Elliman.
  • Almost 16,000 apartments sat empty in September, as the New York City exodus seemingly carries on amid the coronavirus pandemic.
  • Visit Business Insider’s homepage for more stories.

Thousands upon thousands of Manhattan apartments are just sitting empty right now.

And the mounting number of vacancies are forcing landlords to bring rents down to the lowest they’ve been since 2013.

A new analysis by Miller Samuel and Douglas Elliman found that the number of Manhattan apartment listings skyrocketed last month, Bloomberg reported. Almost 16,000 apartments sat vacant — the most since 2006, when these records started being kept. 

This time last year, roughly 5,300 apartments were vacant.

Read More