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Manhattan Apartment Rents Plunge 10% in Pandemic-Fueled Exodus

  • Decrease is the biggest in almost nine years of data-keeping
  • Vacancy rate and supply of rental listings reach record highs
RF NYC homes Manhattan Chelsea High Line

Photographer: Sascha Kilmer/Moment Open via Getty Images

Manhattan apartment rents plunged last month by the most in nearly nine years. That’s only one sign of weakness for the borough’s leasing market.

By almost every measure, the news is dismal for landlords, who are trying to keep units filled amid a global pandemic that’s sparked an urban exodus.