New York City is facing its worst housing crunch in over half a century, with the rental vacancy rate dropping to a historic low of 1.4% in 2023, the lowest since 1968. This figure is a significant decrease from the 4.5% vacancy rate in 2021. The median rent for new Manhattan leases in December 2023 reached $4,050, as reported by Douglas Elliman. Additionally, the median household income in NYC is $77K, compared to Austin's $78K, with a stark contrast in median rents: NYC at $4K and Austin at $1.4K. The scarcity of available rental units is particularly pronounced for more affordable housing, with the city's net rental vacancy rate for cheaper units also at 1.4%. Only 43% of NYC's housing stock is market rate, and if comparable, the vacancy rate would be around 3.25%. The housing market is further complicated by rent stabilization policies, which discourage new development outside of the upper-middle and higher-end markets.
The vacancy rate for New York City’s most-expensive rentals plunged to 3.4% last year, the lowest in almost three decades https://t.co/M2Sk5sr1qH
Maybe NYC is not actually a wartorn disaster zone? People are moving here! The vacancy rate is 1.4% (down from 4.5% in 2021). "The median rent on new Manhattan leases in December 2023, for example, was $4,050, according to the brokerage Douglas Elliman." https://t.co/7ECKLjt92W
The amount of vacant rental apartments in New York City last year plummeted to lowest levels they’ve been in decades Cheaper units particularly hard to come by The city’s net rental vacancy rate dropped to just 1.4%, the worst it’s been since 1968 https://t.co/8AErHA5ryj
“Nobody wants to live there anymore. It’s too crowded.” #NYC 💕 https://t.co/BQPSozpfrX https://t.co/f3NDmqZhnc
NYC's market rate stock is only 43% of total inventory, so a comparable vacancy rate would ~3.25%. But the larger point is until NYC deregulates rent stabilization, new development will mainly focus on the upper middle+ market. https://t.co/H6jePoRXHg https://t.co/tS0n8gm7aJ
".. The vacancy rate for New York City rental apartments has dropped to a minuscule 1.4% .." @THECITYNY #NYC https://t.co/ma23T3Hm3C
Just because it's interesting: =================== 'New York City’s housing crunch is the worst it has been in more than 50 years.' 'The portion of rentals that were vacant and available dropped to a startling 1.4 percent in 2023, according to city data released on Thursday. It… https://t.co/kwdXpHdJyG
nytimes has a piece that vacancy rate in nyc rental market is 1.4% all time low. THEY NEED A BUKELE OF HOUSING median household income nyc $77K median household income austin $78K median rent nyc $4K median rent austin $1.4K
New York City’s housing crunch is the worst it has been in more than 50 years. The portion of rentals that were vacant and available dropped to a startling 1.4% in 2023, according to city data, the lowest vacancy rate since 1968. https://t.co/3ZJlbE3yNS
Looking for an NYC Apartment? Good Luck. (the rental vacancy rate is "miniscule") https://t.co/mtW2LGrdkQ