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2020-07-10 — bloomberg.com
The borough's apartment-vacancy rate in June rose to the highest on record [the vacancy rate climbed to 3.67%, a record in data going back to August 2006. The rate had never before topped 3%, according to Miller.]. Available listings surged 85% from a year earlier to 10,789 -- an all-time high for a single month, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday.
All that inventory put a dent in pricing. The median rent slid 6.6% to $3,242, the first decline in 18 months and the biggest in data going back to October 2011, according to Jonathan Miller, president of Miller Samuel.
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