Manhattan Apartment Vacancies Soar Amid Coronavirus Pandemic

People are fleeing Manhattan, New York at a rapid rate. According to the New York Post, the number of vacant rental apartments has soared 122 percent to reach an all-time high.

In July 2020, there were 13,117 apartment vacancies. Last year, that number was 5,912.

From the report:

The report also shows the number of newly signed leases plummeted 23 percent from last July (6,460) to this July (4,949) — though the latter total is up from 3,171 new leases signed in June. As the rental stock increases, rent prices are falling, the report said. The median rental price in Manhattan was $3,167 in July compared to $3,521 in July 2019.

The number of apartment vacancies has been increasing as people flee the city due to the coronavirus pandemic. In the early months of the COVID-19 outbreak in the United States, New York City was the epicenter of the pandemic in the country.

More than 234,000 cases of coronavirus were confirmed in the city with 23,610 deaths.

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The coronavirus mainly comes from animals and a majority of those who were infected early either worked at or frequently visited the Huanan seafood wholesale market in Wuhan, according to The Guardian. The virus is similar to Severe acute respiratory syndrome (Sars) and Middle Eastern respiratory syndrome (Mers).

The Wuhan coronavirus is transmitted from person to person through “droplet transmission.” That means an infected person can pass the virus by sneezing or coughing on another person as well as by direct contact.

While a majority of the cases have been detected in the United States and China — with more than 5 million confirmed cases and 163,000 deaths in the United States — it has now reached many countries around the world. It has also been confirmed in Italy, Australia, Canada, France, Germany, and many other eastern countries.

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