As the country begins to return normal next year, the hardest hit apartment markets in the country will recover. New York City looks particularly well-placed to benefit from returning non-office-based workers. Combined with aggressive rent cuts, which have left the costs of renting in NYC compared to the rest of the country at its lowest since records began in 2000, we expect vacancy rates will quickly drop back from 4.4% in the third quarter to 4.0% by end-2021.
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