While rents in SF crash, rents in NYC seem to reach a new ATH every month. The newest addition is how popular bidding wars have become. If all it used to take a few years ago was being the first person with good credit to apply, now you’re expected to give your “best and last” rent offer, maybe offer the broker some extra cash as well
So, yeah, there are YouTube videos about crossing the street with your kid because a shirtless man was yelling, and then there is reality of other families outbidding each other. There’s obviously more than enough people to fill all the available apartments, so I don’t see the reason it matters if one person leaves, there are 5 people bidding on paying more for their same apartment
New York City’s Vacancy Rate Reaches Historic Low of 1.4 Percent
https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vac...