Vacancy rate less than 5% citywide, less than 1% for most affordable units

The vacancy rate for the city’s most affordable apartments is the lowest it has been in 30 years, according to the Department of Housing Preservation and Development.

The agency released initial findings from its 2021 New York City Housing and Vacancy Survey on Tuesday. The vacancy rate for homes with a monthly rent listed below $1,500⁠—the cheapest units in the city⁠—was less than 1%, the lowest it has been in 30 years. The citywide rental vacancy rate was about 4.5%, meaning New York is still considered to be in a housing emergency, which occurs when the vacancy rate drops below 5% and triggers the rent-stabilization law.

“The findings are

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