3 ms·
NYC vacancy is around 4%. It's effectively impossible to get below 3% due to people moving and renovations. The meme that the issue is vacant units is pretty mu
by colinmhayes 4y ago
NYC vacancy is around 4%. It's effectively impossible to get below 3% due to people moving and renovations. The meme that the issue is vacant units is pretty much just straight up false. Yes, there are some luxury condos that are largely vacant, but those barely effect the rental prices of normal units other than maybe encouraging building luxury instead of normal housing.
- tmnvix 4y agoI'm interested to know the source of this figure. It sounds typical for a reported rental vacancy rate. Is this not just the percentage of available rentals that are not currently occupied? This would exclude things like second homes, homes on the market, homes being renovated, land-banked homes, etc. See Melbourne's Speculative Vacancies Report[0] for a comparison (in some years I've seen this report indicate that vacant properties in many areas are over 10%). [0] https://www.prosper.org.au/speculative-vacancy-reports/ https://www.prosper.org.au/speculative-vacancy-reports/ edit: I forget which year's report it was, but they did once find a very strong positive correlation between the rate of capital gains and empty properties. I.e. the stronger the capital gains in an area, the more likely properties were to be left empty.