New York facing rental slump

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Condo sales are surging in New York City. But fewer of those buyers are tapping a once-popular investment strategy: leasing out units for income.

The idea fell out of favour as rents dropped during the pandemic amid a mounting pile of apartment vacancies. Of all New York City condo units purchased last year, just 2.7 per cent were listed for rent within six months of closing, according to data compiled by StreetEasy. In 2017, the share was a record 11 per cent.

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A version of this article appeared in the print edition of The Sunday Times on August 01, 2021, with the headline New York facing rental slump. Subscribe