The scope of the housing crisis in New York City came into bold relief last week as the city released data showing that only 1.4% of rental units were vacant and available in 2023, the lowest vacancy rate in 56 years.
The new data from NYC's Department of Housing Preservation and Development also underlined the affordability crisis: the vacancy rate for lower-cost apartments was only a fraction of the overall 1.4% rate.
The vacancy rate for apartments priced less than $2,400 per month was below 1% in the city's latest tally, which is known as the Housing and Vacancy Survey. Apartment rents in Manhattan have been averaging median rents of more than $4,000 per month.
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