Word Power | Lesson 7: Empty rental apartments in Manhattan triple, nearly hitting 16,000

Hãy cùng nhau tìm hiểu từ vựng về bất động sản (real estate / property) cách miêu tả số liệu (how to describe statistics) nhé!

An apartments for rent sign is displayed outside a residential building in Hells Kitchen as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 18, 2020 in New York City. Photo: Alexi Rosenfeld

By Robert Frank, CNBC

The number of apartments for rent in Manhattan tripled in September, with nearly 16,000 apartments sitting empty, according to a new report.

There were 15,963 apartments for rent in September, up from 5,299 a year earlier, according to data from Douglas Elliman and Miller Samuel. The vacancy rate in Manhattan, which is typically 2% to 3%, is now nearly 6%.

With the glut of empty apartments, landlords are being forced to offer ever-higher incentives and ever-lower rents to entice tenants. Listing discounts have tripled to 4.5%, and landlords are offering an average of two months’ rent to new tenants.

Prices are also dropping. The median net effective rents – those that include concessionsfell by 11% to $3,036. The big question for New York City, which is facing a population decline, higher crime rates and high unemployment, is whether prices can fall enough to lure residents back to the city.

“I don’t think we’re there yet,” said Steven James, president and CEO of Douglas Elliman’s New York City brokerage. “I think we have a little ways to go. The consumer knows the landlords are on the ropes and they know they’ve got them.”

Manhattan rents remain high by national standards. The average rent for a one-bedroom in September was $3,307, while rents for a two-bedroom average $4,817. The low end of the market has been hit especially hard, since lower-paid workers in service industries and restaurants have borne the brunt of the economic pain in New York. Rents for studio apartments have fallen by 14%.

Rentals account for two-thirds of the apartments in Manhattan, which is the largest rental market in the country. As rents fall, and more apartments sit empty, the pain could begin to cascade down to smaller, less capitalized landlords and to mortgage lenders and banks. It could also start to impact property tax revenue – which is the largest source of revenue for New York City – as landlords don’t have rental income to pay their taxes.

“The chain reaction is going to be difficult, especially for newer landlords that haven’t been through something like this before,” James said.

Source: https://www.cnbc.com/2020/10/08/empty-rental-apartments-in-manhattan-triple-nearly-hitting-16000.html


*Vocabulary:

1. rent /rent/ (n): [C, U] Rent is the amount of money that you pay regularly to use a house, flat, or piece of land.

E.g. The rent on the two-bedroom flat was £250 a week.

→ for rent /rent/ (idm): If something is for rent, it is available for you to use in exchange for a sum of money.

E.g. Luxury villas for rent.

2. rental /ˈrentl/ (n): The rental of something such as a car, property, or piece of equipment is the activity or process of renting it.

E.g. Because larger rentals are the hardest to find, tenants snap them up quickly.

→ rental /ˈrentl/ (adj): You use rental to describe things that are connected with the renting out of goods, properties, and services.

E.g. A friend drove her to Oxford, where she picked up a rental car.

3. triple /ˈtrɪpl/ (v): [I, T] If something triples or if you triple it, it becomes three times as large in size or number.

E.g. The figure has more than tripled to 67%.

4. vacancy /ˈveɪkənsi/ (pl. vacancies) (n): If there are vacancies at a building such as a hotel, some of the rooms are available to rent.

E.g. Most capital cities recorded declines in vacancy rates over September except Melbourne, which now records the highest vacancy rate across the nation.

5. glut (of sth) /ɡlʌt/ (n): If there is a glut of something, there is so much of it that it cannot all be sold or used.

E.g. There’s a glut of agricultural products in Western Europe.

6. landlord /ˈlændlɔːrd/ (n): Someone’s landlord is the man who allows them to live or work in a building which he owns, in return for rent.

E.g. The landlord has put the rent up again.

7. tenant /ˈtenənt/ (n): A tenant is someone who pays rent for the place they live in, or for land or buildings that they use.

E.g. Have you found any tenants for your house yet?

8. incentive /ɪnˈsentɪv/ (n): [C] An incentive is a payment or concession (= a reduction in the amount of money that has to be paid) that encourages somebody to do something.

E.g. The government decided to offer incentives to foreign investors.

9. concession /kənˈseʃn/ (n): A concession is a special price which is lower than the usual price and which is often given to old people, students, and the unemployed.

E.g. To qualify for travel concessions you have to be 60.

10. discount /ˈdɪskaʊnt/ (n): [C, U] A discount is a reduction in the usual price of something.

E.g. They’re offering a 10% discount on all sofas this month.

11. net-effective rent (n phr): According to streeteasy.com, “net-effective rent” is the total gross rent for the entire term of a lease divided by every month period, including free months or other promotions. Net-effective rent figures arise from rent concessions, such as one or two free months on a lease.

E.g. Net effective rents in the L.A. region have been falling anywhere from 5 to 10 percent amid the pandemic as landlords offer greater incentives to draw and retain tenants.

12. entice /ɪnˈtaɪs/ (v): To entice someone to go somewhere or to do something means to try to persuade them to go to that place or to do that thing.

E.g. Retailers have tried almost everything to entice shoppers through their doors.

13. lure /lʊr/ (v): (disapproving) To lure someone means to persuade or trick somebody to go somewhere or to do something by promising them a reward.

E.g. Supermarkets will try to lure customers back in with special offers.

14. brokerage /ˈbrəʊkərɪdʒ/ (n): A brokerage or a brokerage firm is a company of brokers. A broker is a person whose job is to buy and sell shares, foreign money, or goods for other people.

E.g. Japan’s four biggest brokerages

15. way /weɪ/ [singular] (also North American English, informal ways) (n): a distance or period of time between two points

E.g. We still have a ways to go.

16. on the ropes /rəʊps/ (idm): If you say that someone is on the ropes, you mean that they are very near to giving up or being defeated.

E.g. I think the business is finally on the ropes.

17. bear, take, suffer, etc. the brunt of something /brʌnt/ (idm): to receive the worst part of an attack, criticism, bad situation etc.

E.g. Women bear the brunt of childcare and home schooling during the coronavirus pandemic.

18. cascade /kæˈskeɪd/ (v): ​[I + adv./prep.] If water cascades somewhere, it pours or flows downwards very fast and in large quantities.

E.g. Water cascaded down the mountainside.

→ cascade /kæˈskeɪd/ (v): ​[I + adv./prep.] (formal) If one thing cascades over another, it falls or hangs over it in large amounts.

E.g. Blonde hair cascaded over her shoulders.

19. capitalized (British English also capitalised) /ˈkæpɪtəlaɪzd/ (adj): having a particular amount of money that can be used in order to operate or develop

E.g. The bank is highly capitalized and its loan portfolio is highly diversified.

20. mortgage /ˈmɔːrɡɪdʒ/ (also informal home loan) (n): A mortgage is a loan of money which you get from a bank or building society in order to buy a house.

E.g. If I lose my job, we won’t be able to pay the mortgage.

→ mortgage /ˈmɔːrɡɪdʒ/ (v): If you mortgage your house or land, you use it as a guarantee to a company in order to borrow money from them.

E.g. They had to mortgage their home to pay the bills.

21. property /ˈprɑːpərti/ (pl. properties) (n): A property is a building and the land belonging to it.

E.g. Property prices have shot up recently.

22. tax revenue /tæks ˈrevənuː/ (n): the total amount of money that the government receives from taxation

E.g. Excise duty accounts for over 20 percent of tax revenues in Ireland but less than 5 percent in the Netherlands.

23. rental income /ˈrentl ˈɪnkʌm; ˈɪnkəm/ (n): Rental income is the rent you get from your tenants.

E.g. You can share ownership of rental property with other people and the amount of rental income on which you will pay tax will depend on your share of the property.

24. chain reaction /ˌtʃeɪn riˈækʃn/ (n): A chain reaction is a series of events, each of which causes the next.

E.g. A sudden drop on Wall Street can set off a chain reaction in other financial markets.


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