New tenant leases outpace supply keeping vacancy near its lowest practical level. An expanding technology presence in New York City, with Amazon, Google and Facebook opening sizable offices in the near future, will help continue diversifying the market’s economy. The new job opportunities will add to the metro’s extensive housing needs, both within Manhattan and across the surrounding boroughs. While the market is poised to welcome new sources of renter demand, the pace of completions is moderating. Fewer units will open in 2020 than in any year since 2015. Though many apartments will arrive in Manhattan, Brooklyn will receive the largest share of deliveries, as has been the case for the past three years. Across all five boroughs, reduced supply growth will keep vacancy at a near-20-year low of 1.5 percent this year. Virtually full occupancy is contributing to higher rent growth among market-rate units. That trend may be aided by declining competition from new value-add projects as recently imposed restrictions have effectively halted the conversion of rent-regulated units to market-rate apartments.