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US: Empty Apartments in Manhattan Hit Record High As Two Year Crisis Begins

New York City’s rental market, the largest in the US, has fallen under severe pressure over the last four months as city-dwellers make a run for the exit. The outbound migration flow has resulted in a record number of empty apartments. 

Douglas Elliman and Miller Samuel published a new report this week (seen by CNBC) outlines how New York City has a whopping 13,000 empty apartments as landlords struggle to find tenants. The amount of vacant apartments supersedes the financial crisis a decade ago, which many landlords and multifamily operators are in for a rude awakening as their rental income streams evaporate.

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