The number of new rentals fell about 71% according to appraisal firm Miller Samuel, making it a decade low. Sure who wants to move to Manhattan right now and additionally who really wants to go through a move. Majority are either moving out or staying put. In fact, the vacancy rate climbed to its highest level in 14 years.
“We will see weaker rental prices down the road. The low end of the rental market could be the hardest hit because people in service jobs and the gig economy have experienced the largest job cuts. For now, because landlords can’t evict tenants and tenants can’t look for a new apartment, the market is at a standstill. The landlords and renters are stuck together... The tenant can’t leave and the landlord can’t replace them,” Miller said.