Report: Record Number of Vacant Rental Apartments in 2009

According to a report from Marcus & Millichap, the Real Deal reports the rental apartment vacancy rate will be 4.7% next year, "topping the previous record of 4 percent in the fourth quarter of 2003," thanks to "mounting job losses driv[ing] renters from the city." Which may mean more bargaining power for renters—if they want to go where there excess supply is expected, like Long Island City, Midtown West, the Financial District and southeastern Harlem. Further, homeowners who can't sell their homes may opt to rent them out, creating extra inventory. Some other data: The vacancy rate was 2.1% in 2007 and 3.4% in 2008.

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By Jen Chung in News on December 26, 2008 11:53 AM

Comments [rss]

Mike B.

Talk about bargaining power. I took the plunge and moved north to Crown Point at the Reserve.

http://www.crownpointreserve.com

I saved a ton, no broker’s fees, inexpensive rent, great space, elevators, parking, gym, free Starbucks coffee and free Wi-Fi. It's a no-brainer!

NannyState

...or the brokers will charge less and scam more. Either way, they will find a way to cling to their Asshole Throne, they always do.

Wza

Southeastern Harlem? Give me a break.

Kojak

Sorry, but as long as people are too lazy to do the legwork themselves and don't reside in the same building where the apartment is being rented out, they will ALWAYS leave it to the Broker.

The trend now is that the landlord will cover the Broker's fee, which in itself would be even better for would be renters.

inoyourider

Second that.

Brokers are the fleas.

And Southeastern (Spanish?) Harlem is awful.

I lived there for 10 years waiting to get out.

The only saving grace is FB Lounge.

tingo

If anything, hopefully it will drive the repulsive, parasitic, lowest-of-the-low brokers from the rental market. Everything is available from internet databases, and credit can be checked instantaneously, so there absolutely zero reason for their existance beyond legalized kickbacks from landlords.