The pandemic and subsequent shutdowns have dealt a serious blow to New York City landlords, sending vacancy rates soaring and rents to the ground. Manhattan rental vacancies reached 5 percent in August, the highest level in 14 years, according to Miller Samuel. That coincided with a surge in listing inventory, which shot up to 15,000 listings, a 166 percent jump from August 2019. In August and September, citywide rents fell compared to last year. Manhattan’s
source https://therealdeal.com/2020/10/23/dead-weight-a-breakdown-of-nycs-rental-listing-glut/
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