According to every major outlet NYC has like Crains' NY, Bloomberg, and even realtor reports, show that every indicator for NYC at least, that the city demand for real estate is dramatically shrinking.
Rents are down 22%. Listings at an all time high. Vacancies at record 6.2%. Time of listings are also getting longer. Some of these numbers are 10 to 20 year highs.
Hm. I wonder if what's happening is that the very top of the market is falling out. There exist apartments for rent in the tens of thousands per month range in Manhattan, and it totally would not surprise me that if you wanted a place to live with a large family, it's no longer interesting to do that in a skyscraper by Central Park.
If that were true, that would explain why the median rent is down 22% - the top end of the curve got lopped off - but I'm certainly not seeing rents down even 0%, let alone 22%, in my range!
(That would also line up with the article's claim that 80% of groups looking for homes are 1-2 person groups. The 20% is quite profitable.)
Rents are down 22%. Listings at an all time high. Vacancies at record 6.2%. Time of listings are also getting longer. Some of these numbers are 10 to 20 year highs.
SOURCE: https://www.bloomberg.com/news/articles/2020-12-10/manhattan...
https://www.crainsnewyork.com/residential-real-estate/cheap-...