13,000 empty Manhattan apartments are sitting vacant — the highest number in 14 years

• There were over 13,000 apartments for rent in Manhattan during July, according to a report from the firm Douglas Elliman, the highest number in 14 years.
• Other boroughs like Brooklyn are also seeing higher-than-average available rent listings, though rents have been more sticky.
• July and August are normally the busiest months for new rental agreements, as families prepare for school.
• While New York City real estate may be struggling, other areas in New York state are doing well in the real estate market.

As New Yorkers leave the city to ride out the coronavirus pandemic elsewhere, over 13,000 apartments are up for rent in Manhattan alone— a record setting number — according to the latest monthly real-estate report from Douglas Elliman.

The vacancy rate is the third monthly record in a row, and the highest in 14 years that the firm has followed the market. Thanks to the demand surplus, rents are falling about 7.6%, the report says — though average rent is still expensive at $3,620 for a tw0-bedroom.

Brooklyn is also seeing higher-than-average available rent listings, at 3,639 in July 2020, up from 1,976, the report said, though rents have not fallen as dramatically as in Manhattan.

Normally, July and August are the busiest months for new rental agreements, as families prepare for school. Brokers and landlords are able to show listings again, and were hoping for stay-at-home orders to be lifted by now.

"The outbound migration is higher than the inbound migration right now," Jonathan Miller, CEO of Miller Samuel, an appraisal and consulting firm, told CNBC. As demand continues to drop, brokers are offering various incentives — like Gift cards, cleaning services, and even waiving brokers fees — in order to close deals, he said.

Landlords are also providing incentives too, offering an average 1.7 months of free rent, according to the report.

While New York City may be struggling, other areas in New York state are doing well. In Westchester County, directly north of the five boroughs, "overall single-family sales were up 112% over last year, with those over $2 million more than quadrupling."