The bubble has burst: Rental vacancies at decade-highs

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Freedom-Tower-and-canyon-of-apartments-in-BPC-6-15-2014December 10, 2015- DNAinfo reports, “Apartment vacancies in Manhattan are the highest they’ve been in nine years, according to a report released Thursday by Douglas Elliman.

The vacancy rate hit nearly 2.9 percent in November, up from 2.3 percent a year ago, the report found.

Landlords, in response, have been offering more concessions, like a month’s free rent or the owner paying the broker’s fee, so they don’t have to lower rents.”

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