Airbnb stock now outnumbers rental apartments in New York City - see Bloomberg's coverage of data from AirDNA and Douglas Elliman Real Estate.
That stat illustrates the degree to which a shortage of properties is driving up rents. The net effective median rent surged by the highest annual rate on record (39%) to the highest level on record ($3,970) during April. Listings also declined by the most on record (see chart courtesy of Bloomberg).
For more on New York's housing market, we recommend Jonathan Miller's weekly note.