By: Cynthia Porthone

New Yorkers are knocking and finding no one home.

The number of empty apartments in the city has risen to all-time numbers in certain sections of Manhattan.

Leasing in May fell to the lowest level seen in many years. According to a report by Douglas Elliman and appraiser Miller Samuel, brand new apartment leasing signings dropped by 62% in May, compared with the same period in 2019. The 2,190 leases that were signed by renters last month was the lowest total in 10 years for the month, which is usually the beginning of the warm weather migration to new apartments.

Vacancies in apartment located in the bottom of Manhattan were about 4%, which the firm said was an all-time record. The overall rate of vacant apartments in Manhattan is 2.9%; it was just 1.65% at the close of the same period last year.

“The slow market has some landlords rethinking their prices,” Crain’s New York Business noted. “The average rental price declined by 1.8% compared with May 2019, reaching $4,144, according to the report. It’s the first annual drop in 12 months. The median rental price climbed 1.3%, however, to $3,546.”

The lower numbers tell analysts that renewals have become the trend, according to the firm’s just released report. The number of apartment leases in Brooklyn for the month of May dropped by 54%. In the northwest section of Queens it was 61%.

Rental agents have been forbidden from showing apartments to potential renters in person since the pandemic picked up steam in March of this year. But they will once again be permitted to show apartments as part of phase two, which according to Governor Andrew Cuomo’s office could come into play on June 22. New York City’s mayor Bill de Blasio has said he feels that date is too optimistic, and suggest it could be July at the earliest.

The numbers seem to hint that “the shutdown of the real estate market, coupled with New Yorkers fleeing the city, is putting growing pressure on landlords and prices,” CNBC reported. “And there are signs that June won’t be much better. According to real estate service provider UrbanDigs, there were only 377 new leases signed in Manhattan in the first week of June — down 67% from a year ago. While brokers blame the declines on the market shutdown — as brokers are barred from showing apartments or holding open houses — the rising inventory suggests prices could be under pressure even when the real estate industry reopens, likely in late June or early July.”