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
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.
Pierina Ana Sanchez
1:39:45
That that would be helpful.