How Many Empty Apartments in NYC?
New York City, a bustling metropolis with a population of over 8 million, is also home to a staggering number of empty apartments. While it may seem counterintuitive that a city with such a high demand for housing could have so many vacant units, the reality is that the NYC housing market is complex and multifaceted.
Why Are There So Many Empty Apartments in NYC?
There are several reasons why so many apartments in NYC remain unoccupied:
- High Cost of Living: NYC is one of the most expensive cities in the world, and the cost of housing is no exception. Many people simply cannot afford to live in the city, even if they have a job.
- Landlord Preferences: Some landlords prefer to keep their apartments vacant rather than renting them out at a below-market rate. They may be hoping for a tenant who is willing to pay a premium for the unit, or they may simply be unwilling to deal with the hassle of renting out their property.
- Speculation: Some investors buy up apartments in NYC with the intention of holding them as an investment, rather than renting them out. They may believe that the value of the property will appreciate over time, and they are willing to forego rental income in the meantime.
- Airbnb and Short-Term Rentals: The rise of Airbnb and other short-term rental platforms has led to an increase in the number of apartments that are rented out on a short-term basis. This can reduce the availability of long-term rentals, as landlords may find it more profitable to rent out their units on a short-term basis.
- Construction and Development: NYC is constantly undergoing construction and development, which can lead to an increase in the number of vacant units. New buildings may take some time to fill up, and older buildings may be demolished to make way for new development.
How Many Empty Apartments Are There in NYC?
It is difficult to say exactly how many empty apartments there are in NYC. The city does not track this data, and there is no official count of vacant units. However, there have been several studies that have attempted to estimate the number of empty apartments in the city.
One study by the Furman Center for Real Estate at NYU found that there were approximately 125,000 vacant apartments in NYC in 2018. This number represents about 5% of all housing units in the city. However, it is important to note that this number may not be accurate, as it is based on a survey of landlords and may not include all vacant units.
Another study by the Community Service Society of New York found that there were approximately 80,000 vacant apartments in NYC in 2019. This number is lower than the estimate from the Furman Center, but it is still a significant number of vacant units.
What Can Be Done to Reduce the Number of Empty Apartments in NYC?
There are several things that can be done to reduce the number of empty apartments in NYC:
- Increase Affordable Housing: The city needs to build more affordable housing units to make housing more accessible to low- and moderate-income families.
- Regulate Short-Term Rentals: The city should regulate short-term rentals to ensure that they do not displace long-term residents.
- Provide Incentives for Landlords: The city could provide incentives for landlords to rent out their vacant units, such as tax breaks or grants.
- Address Speculation: The city could take steps to discourage speculation in the housing market, such as imposing a vacancy tax on vacant units.
FAQs
How to find an empty apartment in NYC?
There are a few ways to find an empty apartment in NYC:
- Check online listings: Websites like Zillow, StreetEasy, and Apartments.com list both occupied and vacant apartments.
- Contact real estate agents: Real estate agents can help you find vacant apartments that are not listed online.
- Walk around your neighborhood: Look for signs that say "For Rent" or "Vacant."
How to know if an apartment is empty?
There are a few ways to tell if an apartment is empty:
- Check the mailbox: If the mailbox is empty, it is a good sign that the apartment is vacant.
- Look for signs of life: If there are no lights on, no curtains drawn, and no trash or recycling outside, it is likely that the apartment is vacant.
- Ask the neighbors: If you are unsure, you can ask the neighbors if they know if the apartment is vacant.
How to report an empty apartment in NYC?
If you see an empty apartment that is being neglected or causing problems, you can report it to the city. You can call 311 or file a complaint online.
How to find a roommate in NYC?
There are a few ways to find a roommate in NYC:
- Check online listings: Websites like Roommate Finder and Craigslist list people who are looking for roommates.
- Ask friends and family: Your friends and family may know someone who is looking for a roommate.
- Post a message on social media: You can post a message on social media asking if anyone is interested in being your roommate.
How to prepare for a roommate in NYC?
If you are planning to move in with a roommate, it is important to have a conversation about your expectations and rules. You should also agree on how you will split the rent, utilities, and other expenses.