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.