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New York Apartment Occupancy Hits Four-Year Low

New York Apartment Occupancy Hits Four-Year Low

Apartment occupancy in New York fell to a recent low in November. Among the largest 50 apartment markets, New York saw the steepest decline between October to November, dipping 40 basis points (bps). This recent deterioration took occupancy down to 95.9%, the lowest rate this market has seen since November 2016. Prior to the COVID-19 pandemic, New York was the tightest market in the nation, with occupancy regularly hitting above the 97% mark. Between March and November, however, occupancy has come down by 170 bps, one of the worst declines in the nation during the pandemic. Significant net move-outs in Class B properties concentrated in Manhattan are dragging down overall occupancy in New York.