The New York Times, February 8, 2024, New York City’s Housing Crunch Is The Worst It Has Been In Over 50 Years
The portion of rentals that were vacant and available dropped to a startling 1.4 percent in 2023, according to city data released on Thursday. It was the lowest vacancy rate since 1968 and shows just how drastically home construction lags behind the demand from people who want to live in the city.
Housing experts often consider a “healthy” vacancy rate to be somewhere around 5 to 8 percent. A higher vacancy rate typically means it is easier for people to find apartments when they want to move. It also means that property owners are more likely to have to compete for renters, conditions that would moderate rent increases.