Over the past three years in new York significantly increased the number of vacant apartments. As the results provided by the research Bureau housing vacancies (Census Bureau Housing and Vacancy), the number of such apartments increased by 35%.
The study indicates that to date, the business capital of the United States are empty almost 248 thousand apartments, which is about 11% of all dealer in the metropolis apartments.
The main reason for this phenomenon — rents, which grows two times faster than the inflation rate. The result is a situation where a huge number of people looking for an apartment in new York, but she just can’t afford to rent it.
As shown in the study, more than half of available rental apartments will cost more than $2 thousand a month. At the same time, the share of vacancies, allowing to occupy such apartments in new York don’t exceed 7%.
From this we can conclude that very few people who move in search of work in the financial capital of the United States, can afford to rent an expensive apartment, which is empty.
As suggested by the authors of the study, some of these apartments the owners are going to refocus under a short term lease with service for travelers AirBnb. Perhaps this approach is due to a significant increase in tourist flow in the United States, which was observed in 2017.
Dmitry Stasyuk
Real Estate Broker Associate at Evans Real Estate
The last few years, the cost of rent in new York is steadily growth. And only at the end of last year, the growth stopped. Apparently, not all property owners agree with this trend and they are willing to keep the apartment empty until you find a renter at the right price. Thus, the empty apartments in new York city has become much more
