glut \ ˈglət \ noun and verb
noun: the quality of being so overabundant that prices drop
verb: supply with an excess of
verb: overeat or eat immodestly
The word glut has appeared in 186 articles on NYTimes.com in the past year, including on Sept. 25 in “How to Negotiate With Your Landlord” by Ronda Kaysen:
Renters are benefiting from a collision of forces. New Yorkers are continuing to leave the city or move to neighborhoods further from Manhattan, driving up the vacancy rate in prime neighborhoods. And typical newcomers, like university students, aren’t moving to New York in the same numbers they usually do.
The result is a glut of apartments that hasn’t been seen in years. August in Manhattan was particularly bleak. The vacancy rate was above 5 percent; inventory was up 166 percent from August 2019, and rent per square foot was down almost 10 percent from August 2019, according to a market report by Douglas Elliman. In Brooklyn, the change between August 2019 and August 2020 was also stark: Inventory was up 130 percent; rent per square foot was down 1.7 percent, and apartments were sitting on the market an average of 27 days, according to the same report.