Your guide to NYC's public proceedings.
QUESTION
How is the vacancy rate impacted by rental prices above $2400 in NYC?
1:38:54
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52 sec
Elyzabeth Gaumer states that detailed breakdowns on vacancy rates for units renting above $2400 will be provided, acknowledging that a significant number of units might exceed this price range.
- The NYC Department of Housing Preservation and Development (HPD) agrees to provide more detailed information concerning units renting for over $2400.
- The $2400 mark represents the 75th percentile of rent, indicating that approximately a quarter of units are priced above it.
- The median asking rent for units available in 2023 is $3000, suggesting that half of the units available have a rental cost higher than this amount.
- Despite a general lack of vacancies in NYC, there is a sufficient sample to analyze the vacancy rate amongst units pricing above $2400.