“Manhattan rental market plunges, leaving 15,000 empty apartments in August”
September 10, 2020
“There were more than 15,000 empty rental apartments in Manhattan in August, up from 5,600 a year ago, according to a report from Douglas Elliman and Miller Samuel. The inventory of empty units is the largest ever recorded since data started being collected 14 years ago, the report said.
Analysts say the rental market is the best barometer of overall strength in Manhattan’s real estate market, since rentals account for 75% of apartments and that market reacts more quickly to demand changing than the sales market…”
https://www.cnbc.com/2020/09/10/manhattan-rental-market-plunges-leaving-15000-empty-apartments.html