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.
See: https://www.millersamuel.com/files/2022/02/Feb22QNSrent-nyVA...