Manhattan apartment vacancies hit highest number in over a decade

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New Yorkers are still fleeing the city during the COVID-19 crisis — with a record 16,000 apartments sitting empty despite some of the lowest rent prices in years, a new report has found.

The listing inventory in Manhattan peaked at 16,145 last month, more than three times higher than a year ago and a slight uptick from the 15,923 vacancies recorded in September, according to the Elliman Report. The staggering amount of vacancies is also the highest in 14 years.

Data shows the number of vacant units has only increased in the past months. In July, that number was 13,117.

As a result, rent prices have plunged in parts of New York City, including Manhattan, where the median price was $3,100 in October. Rent for a one-bedroom apartment was $3,064, significantly cheaper than a year ago when they went for $3,595.

But the lower prices seem to be luring some renters back — 5,641 new leases were inked in Manhattan in October, up 12.4 percent from September.

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