Manhattan rents plummet 10% after coronavirus exodus

The borough's vacancy rate climbed to a record 4.33%

Manhattan apartment rents plunged last month by the most in almost nine years.

According to a Thursday report from appraiser Miller Samuel Inc. and Douglas Elliman Real Estate cited by Bloomberg, the Big Apple borough's July vacancy rate climbed to a record 4.33%


There were 13,100 apartments listed for rent at the end of the month.

The median charge for apartments in New York City -- with concessions -- dropped 10% to $3,167, marking the biggest rate of decline in records dating to October 2011.

Lightning lights up the sky behind midtown Manhattan and the Empire State Building ahead of the expected arrival of Hurricane Isaias on August 3, 2020. (Photo by Gary Hershorn/Getty Images)

Brooklyn fared better than Manhattan, with rents in the borough slipping only 0.5% last month from a year earlier to a median of $2,902.

However, leases in areas such as northwest Queens dropped a staggering 60%, with the median rent falling to $2,424. Queens relies heavily on its proximity to Manhattan.

The news is dismal for landlords trying to keep units filled amid the coronavirus pandemic, which sparked a mass exodus in March.

Many who fled the city -- hoping to escape the reach of the deadly virus -- have stayed elsewhere, making a city for millions feel more like a city for thousands.

In April, condo and co-op deals plummeted 95%.

Comparatively, sales in the Empire State's suburbs have surged.

CNN Business reported pending sales for single-family homes on Long Island were up 41%; in Fairfield County, Connecticut, they were up 73%; in Westchester County, New York, they climbed 112%, and in the Hamptons, they were 121% higher.


A newly released survey conducted by the U.S. Census Bureau showed approximately 34% of renters -- or roughly 23.7 million Americans --  have little to no confidence that they'll be able to pay their August rent.

August will be the first month since the pandemic began that there's no federal freeze on evictions in place.