Empty Apartments in Manhattan reach record high - trouble brewing
https://www.cnbc.com/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html
- The number of apartments for rent, or listing inventory, more than doubled over last year and set a record for the 14 years since data started being collected
- While hundreds of thousands of residents left the city in March and April in the beginning of the coronavirus pandemic, brokers and landlords hoped many would start returning in July and August.
- July’s weakness, and what brokers say is already a slow August, suggests that Manhattan’s real estate and economic troubles could extend well into the fall or beyond.
As I wrote about many times earlier, the migration from expensive city centers to more luxurious suburban / rural settings is solidifying. The experience is now virtual to meet, going on trips, instead of just staying in close proximity. SF/Silicon Valley are the only places insulated because of the tech bubble (which has been strengthened by pandemic). Also expecting strong biotech areas like Anaheim to see an uptick of rental activity.