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.
Pierina Ana Sanchez
1:38:54
Are you able to tell us more disaggregate the 2400 plus the units renting at over $2400, the vacancy rate at higher levels of rent
1:39:45
That that would be helpful.
Elyzabeth Gaumer
1:39:08
We are happy to do that.
1:39:09
We have not yet.
1:39:10
I will point out that by definition that 20 the the reason it's 24100 in that cut is that that represents the 75% tile of rent.
1:39:18
So that means there's a full quarter approximately of units above that.
1:39:23
And the median asset skiing rent for units that were available in 23 was $3000.
1:39:29
So by definition, then half of the units that were available cost more than that.
1:39:34
So certainly, there is there's a large number.
1:39:37
There's not a large number.
1:39:38
There's not a large number of vacant anything in New York City, but there there should be sufficient sample where we can see if we can break that out more for you.