‘Shadow’ Real Estate Inventory May Spell Good Deals For New York City Renters

NEW YORK (CBSNewYork) – Despite a mass exodus during the pandemic, many apartment buildings are not listing all available apartments – but some renters are finding hidden gems, with a little bit of digging.

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Alison Raisian, a marketing professional, recently moved into a new apartment with more space than her previous one, plus a rent savings of more than $200.

Her studio was $2,759 a month. Now, for a one bedroom, she pays $2,533 – in the same building.

“It took some digging to find that there are more apartments out there, even just in my own building.” Raisian told CBS2’s Dave Carlin.

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Four units there were listed online as available. But then, going floor by floor and talking to fellow residents and staff, she learned many more were empty.

“They were saying 6{ac967ad544075fb2f6bcea1234f8d91da186cac15e616dc329e302b7c7326b8c} vacancy publicly, but then it was speculated that it was 18{ac967ad544075fb2f6bcea1234f8d91da186cac15e616dc329e302b7c7326b8c},” Raisian said.

“I think there is a widespread acceptance among a lot of landlords now that the market has changed,” said Erin Hudson, real estate reporter at The Real Deal.

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