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What we're seeing is a return to the long-term trend. Vacancies in Manhattan have hovered around 2% for a long time. See: https://www.millersamuel.com/files/20

• Retric 5y ago
  Which shows how important a seemingly small number of long term unoccupied apartments are. Another way of looking at 2% vacancy is over 20 years an apartment is vacant less than 5 months. People move, die, go to prison etc, so there is some inherent friction represented in a 98% occupancy rate. Dropping to 1% long term takes more than just higher demand it would require increases in transaction efficiency.