Westchester, New York City Multifamily Vacancy Rates Among Lowest in U.S. in Third Quarter

While not in the top 10, Westchester County and NYC boast among the lowest vacancy rates in the United States, according to a report released by the National Associaion of Realtors on August 2.

The Westchester / Southern Connecticut multifamily markets ranked #11 among markets with the lowest third quarter multifamily vacancy rate at 2.45%. NYC came in a whisker behind at #12 with a 2.47% vacancy rate. Long Island came in with the fourth lowest multfamily vacancy rate at 2,1%. Northern NJ's third quarter 2022 multifamily vacancy rate was 3.58%.

Compared to the pre-pandemic period in the first quarter of 2020, both the Westchester / Southern Connecticut multifamily vacancy rate was 2.8%, while NYC's rate stood at 3.3%.

In the third quarter of 2022, we are continuing to see mutifamily rates increase across the board for most metro areas compared to last year. Ther could be many reasons for this, one being that we are seeing an influx of new multifamily properties being constructed.

The building of apartments is projected to hit a 30-year high this year, with an additional 427,000 units expected to finish construction in 2022. Dodge Construction Group reports there was $116.4 billion in new project volume in 2021, an increase of 25% from 2020. Priddy noted that the influx of new multifamily buildings and the resulting increase in vacancy rates is not being felt evenly across the country.

Works Cited:

“Westchester, New York City Multifamily Vacancy Rates among Lowest in U.S. In Third Quarter.” Real Estate in Depth, 2022, www.realestateindepth.com/news/westchester-new-york-city-multifamily-vacancy-rates-among-lowest-in-u-s-in-third-quarter/.‌

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