Manhattan’s empty apartments: New leases plunge 62% in May

[John Collins]

https://www.cnbc.com/2020/06/11/manhattans-empty-apartments-new-leases-plunge-62percent-in-may.html

“The supply of available rental units continues to accumulate,” UrbanDigs said in its report, which looked at all five New York City boroughs, “hinting that renters will have the upper hand in negotiability when the market finally reopens.”

Larger and more expensive apartments are getting hit the hardest. New leases for three-bedroom apartments in Manhattan dropped 71% in May. The average rental price for the top 10% of rentals fell by 20%.

To people who talk about infinite appreciation... especially in NYC, SF, Miami etc. nothing lasts forever. There will be a move away from these clustered city centers with expensive housing to suburban areas with work from home available.

[Greg M.]

I don't know why this is a surprise. The government banned the showing of places, so inventory accumulated. Landlords held places off the market thanks to the insane anti-eviction laws that were put in place. People who thought about moving stayed put due to COVID and the inability of screen new places. Lots of people who would have normally signed a lease held off due to their job situation. Besides, a landlord isn't going to rent to you if you just lost your job. Give it six months and it will be back to normal.