Tag

Rental Vacancy

All articles tagged with #rental vacancy

housing-crisis1 year ago•2 min saved

"New York City's Rental Vacancy Rate Plummets to 1960s Levels Amid Housing Crisis"

New York City's rental vacancy rate has dropped to its lowest level since the 1960s, with only 1.4% of rental apartments available, particularly affecting the availability of cheaper units. The ongoing housing crisis has led to record-high rents, with half of New Yorkers struggling to afford basic necessities. Mayor Adams is calling for government intervention to address the shortage of affordable housing, while Governor Hochul emphasizes the need to build more housing to alleviate the crisis.

via New York Daily News|

#affordable-housing #housing-crisis #mayor-adams

real-estate2 years ago•3 min saved

Renters Rejoice: Asking Rents See Largest Drop in Over 3 Years

Asking rents in November experienced the largest annual drop in over three years, declining 2.1% from the previous year to $1,967, according to a report from Redfin. Rent prices have been impacted by a surge in apartment construction, leading to increased supply and more options for renters. Landlords are struggling to fill vacancies, resulting in some cutting their asking rents or offering concessions to attract tenants. While rents are still up 22.1% from November 2019, the recent decline provides some relief for renters. The Midwest saw an increase in asking rents, while other regions experienced decreases. The rise in rental vacancies and economic uncertainty are contributing factors to the decline in rent prices.

via CNN|

#affordability #construction #housing-market