More Than 40,000 Rent Stabilized Apartments Are Vacant In NYC
The New York City Independent Budget Office recently released a report on vacancies for rent stabilized apartments in NYC for the year of 2022, and the numbers might be shocking to some.
Rent stabilized apartments are an essential resource in NYC’s housing market to provide affordable rental accommodations. And to many, the idea of lower rents, caps on rent increases and guaranteed lease renewals sounds like a dream come true. And “[w]ith the city’s longstanding housing crisis—compounded by a record homeless shelter census—unoccupied rent stabilized apartments sitting vacant could represent a source of underutilized rental housing,” shared the study.
As of 2022, more than 40,000 rent stabilized apartments were vacant: 13,921 in Manhattan, 7,758 in the Bronx, 11,244 in Brooklyn, 8,931 in Queens and 421 on Staten Island.
Though this sounds like a high number of units, on average less than 5% of rent stabilized apartments are vacant.
According to the report, vacant rent stabilized apartments outside of Manhattan are priced higher than occupied rent stabilized units.
Additionally, most rent stabilized apartments are only vacant for less than a year. Such prized apartments are usually snatched up, even with the general turnover.
In fact, vacancy rates actually peaked in 2021 with nearly 60,000 vacant rent stabilized apartments in NYC. Yet, of those 60,000 apartments that were vacant in 2021, almost two-thirds were rented in the next year.
And after record breaking rents, it seems that NYC rent may have reached its peak.
Read more of the report here.
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