New Yorkers have reportedly been fleeing the city since the pandemic first began, and now there are some hard numbers to back that up.
According to CNBC, there are now over 15,000 empty apartments in Manhattan, almost triple compared with last year.
Summer (July and August) were usually the most popular months for Manhattan real estate, as families get ready to go back to school, but the total number of new leases this year fell 23%, and median rent was at its largest decline in history. Though real estate moguls hoped the fall season would see a rebound, that hasn’t been the case thus far.
Though rent prices have actually decreased in certain neighborhoods (median prices dropped 4% in August), it hasn’t been enough to draw people back in. Landlords are even offering an average of 1.9 months free rent now, along with other incentives like better rates, furniture, and even gift cards to get tenants into the building.
The vacancies appear to be attributed to the effects of the pandemic. In different interviews and reports, New Yorkers have said they feel like they need more space after being stuck in a small city apartment for months, especially if they will have to end up quarantining again at some point. Others say that without accessibility to theaters, museums, restaurants, etc., the city doesn’t hold the appeal it once did. Still others, especially young people, left after losing their jobs to move back in with family.
New York even had the highest “net outflow” from the city between April and June, according to a report by real estate firm Redfin.
Moving companies have also said that they have been at their busiest, barely even able to keep up with current demand. According to interviews in the New York Post, they said they are mostly moving families and young 20-somethings out to the suburbs or even to other states.
Still, we know there are tons of true New Yorkers who are still committed to the city! Check out these 85 heartwarming reasons our Secret NYC readers say they’ll never leave the city.
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