Since the pandemic first began in March it seemed that New Yorkers were leaving the city. Now we have some numbers to back that claim up.
According to CNBC, there are now over 13,000 empty apartments in Manhattan. This number has doubled since last year. July and August are usually the most popular months for real estate in Manhattan due to families getting ready to go back to school or young adults leaving college to move into the city, however that is not the case this season. The total number of new leases fell 23% and the median rent is at its largest decline in history! Many landlords are even offering an average of 1.7 months rent-free now along with other incentives like furniture and gift cards.
The emptiness in the city seems to be directly correlated to the pandemic. People feel like they need more space after being in their small city apartments for the past few months if they stuck out the quarantine there. Other New Yorkers are saying that without Broadway, museums and iconic restaurants that have closed, the city just doesn't hold the same value. Others, especially young adults are leaving after losing their jobs to move back with their family in the suburbs.
New York even had the highest “net outflow” from the city between April and June, according to a report by real estate firm Redfin.